Section 1 Short title
This Act may be cited as the “Lift Investment in Film, Television, and Theater Act” or the “LIFTT Act”.
Lift Investment in Film, Television, and Theater Act
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.
Sec. 2 Permanent extension of expensing of qualified productions
Permanent extension— Section 181 of the Internal Revenue Code of 1986 is amended by striking subsection (g).
Modification of rules for election— Paragraph (1) of section 181(c) of the Internal Revenue Code of 1986 is amended—
by striking “for the taxable year in which” and inserting
“(1) in the case of a qualified film or television production, the taxable year in which”
by striking the period at the end and inserting “, and”; and
by adding at the end the following new paragraph:
“(2) in the case of a qualified live theatrical production, the taxable year in which such theatrical production holds its first public performance.”
Effective date—
In general— The amendments made by this section shall apply to productions commencing after December 31, 2016.
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.