Section 1 Short title
This Act may be cited as the “Facilitating Investments in Local Markets Act” or the “FILM Act” .
Facilitating Investments in Local Markets Act
A BILL
To amend the Internal Revenue Code of 1986 to extend the special expensing rules for certain film and television productions and to provide for special expensing for live theatrical productions.
Sec. 2 Extension of special expensing rules for certain film and television productions; special expensing for live theatrical productions
In general— Subsection (f) of section 181 of the Internal Revenue Code of 1986 is amended by striking “December 31, 2013” and inserting “December 31, 2015”.
Application to live productions—
In general— Paragraph (1) of section 181(a) of the Internal Revenue Code of 1986 is amended by inserting “, and any qualified live theatrical production,” after “any qualified film or television production”.
by inserting “or any qualified live theatrical production” after “qualified film or television production” each place it appears in subsections (a)(2), (b), and (c)(1),
by inserting “or qualified live theatrical productions” after “qualified film or television productions” in subsection (f), and
by inserting “and live theatrical” after “film and television” in the heading.
Clerical amendment— The item relating to section 181 in the table of sections for part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended to read as follows:
by redesignating subsections (e) and (f), as amended by subsections (a) and (b), as subsections (f) and (g), respectively, and
by inserting after subsection (d) the following new subsection:
“(e) Qualified live theatrical production—For purposes of this section—
“(1) In general—The term qualified live theatrical production means any production described in paragraph (2) if 75 percent of the total compensation of the production is qualified compensation (as defined in subsection (d)(3)).
“(2) Production
“(A) In general—A production is described in this paragraph if such production is a live staged production of a play (with or without music) which is derived from a written book or script and is produced or presented by a taxable entity in any venue which has an audience capacity of not more than 3,000 or a series of venues the majority of which have an audience capacity of not more than 3,000.
“(B) Touring companies, etc—In the case of multiple live staged productions—
“(i) for which the election under this section would be allowable to the same taxpayer, and
“(ii) which are—
“(I) separate phases of a production, or
“(II) separate simultaneous stagings of the same production in different geographical locations (not including multiple performance locations of any one touring production),
“(C) Phase—For purposes of subparagraph (B), the term phase with respect to any qualified live theatrical production refers to each of the following, but only if each of the following is treated by the taxpayer as a separate activity for all purposes of this title:
“(i) The initial staging of a live theatrical production.
“(ii) Subsequent additional stagings or touring of such production which are produced by the same producer as the initial staging.
“(D) Exception—A production is not described in this paragraph if such production includes or consists of any performance of conduct described in section 2257(h)(1) of title 18, United States Code.”
Effective dates—
In general— The amendments made by this section shall apply to productions commencing after December 31, 2013.
Commencement— For purposes of paragraph (1), the date on which a qualified live theatrical production commences is the date of the first public performance of such production for a paying audience.