Hollywood Tax Breaks in Cliff Deal

January 1, 2013 10:45 pm  

(Breitbart) – The Senate passed legislation meant to end the “fiscal cliff” crisis in the wee hours of the morning. And it seems Hollywood’s rigorous backing of President Barack Obama and his Democrat peers in the waning months of 2012 paid off.

Section 317 of the freshly approved legislation includes an extension for “special expensing rules for certain film and television productions.” Congress first enacted production tax incentives favorable to the domestic entertainment industry in 2004, and extended them in 2008, but the deal was meant to expire in 2011.

The fiscal cliff deal extends the tax incentives through 2013–even as payroll taxes rise on ordinary Americans.

The original tax incentive applied to productions costing less than $15 million to make ($20 million in low-income areas). The 2008 extension applies to all films, up to a deduction of $15 million (or $20 million in low-income areas). The incentive is especially generous to television series; it applies to each TV episode.

Hollywood players routinely beg the government to raise their taxes so they can pay their “fair share.”

Yet the industry moves new productions to places where existing tax breaks help its bottom line. That means plenty of shows and films are shot in states like New Mexico, which feature highly favorable tax rates, as well as destinations north of the border with similar perks.

Now Hollywood has used its clout to ensure that its generous tax incentives will continue in a time of fiscal crisis.

http://www.breitbart.com/Big-Hollywood/2013/01/01/hollywood-loophole-fiscal-cliff

GOP Congressman: WE NEED 'RED STATE LEADERSHIP' IN HOUSE
Sacrificer-in-Chief: All Taxes, No Cuts

Top Stories

Exclusive Docs: Obama Destroyed Middle Class Mortgages to Prop Up... Obama wanted to deny 30-year mortgages to middle class to fund Obamacare (Infowars) - Infowars.com has released below the first of three never-befo...
Obama Illegally Robbed Fannie, Freddie to Fund Obamacare Obama diverted money from low-income housing to keep Obamacare alive (Infowars) - Will this be the final nail in the coffin for the Affordable Care...
Libs Whining About Trump’s “Lavish Lifestyle,” Here’s How Much Ob... (The Blaze) - Over the past eight years, President Barack Obama and his family have spent more than $10 million a year for travel and vacations, total...
Obama Stimulus Funds: $22 Million Went to California Dam in ‘Good... (Gateway Pundit) - The Washington Free Beacon is reporting that of the $34 billion that the State of California received from Obama’s 2009 stimulus pa...
Worst. President. Ever: Obama First President EVER to Not Reach 3... (Gateway Pundit) - In February 2011 (Fake News) Time Magazine Implied that Obama was like Reagan. This couldn’t have been further from the truth, espe...
US Government Caught Massively Fabricating Student Loan Default D... (Zero Hedge) - Ever since 2012 we have warned that one of the biggest threats arising from the US student loan bubble - which is no longer disputed by...

Comments


Please help us stay spam-free. Mouse over a spam post and click the X to report spam.

Web Analytics