S 1469 115th Congress Senate

LIFTT Act

Official title: A bill to amend the Internal Revenue Code of 1986 to extend tax incentives to permanently extend the special expensing rules for certain film, television, and … Show full official titleShow less

Official title: A bill to amend the Internal Revenue Code of 1986 to extend tax incentives to permanently extend the special expensing rules for certain film, television, and live theatrical productions, and for other purposes.

Introduced: June 28, 2017 See on congress.gov

Taxation Business investment and capitalIncome tax deductionsPerforming artsTax administration and collection, taxpayersTelevision and film

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 28, 2017

Read twice and referred to the Committee on Finance.

Jun 28, 2017

Introduced in Senate

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Latest action June 28, 2017

Read twice and referred to the Committee on Finance.

Plain-English summary Congressional Research Service

Lift Investment in Film, Television, and Theater Act or the LIFTT Act

This bill amends the Internal Revenue Code to permanently extend provisions that allow taxpayers to elect to expense the costs of qualified film, television, and live theatrical productions.

The bill also modifies the rules for electing to expense the costs. Under current law, an election to expense the costs of a film, television, or live theatrical production must be made by the due date for filing a tax return for the year in which the costs are first incurred. With respect to live theatrical productions, the bill modifies the rule to require an election to be made by the due date for filing a tax return for the taxable year in which the production holds its first public performance for a paying audience.

Bill text 1 version