To amend the Internal Revenue Code of 1986 to extend the deduction for film and television productions and to make certain changes with respect to the calculation of such deduction.

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4787 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 4787

To amend the Internal Revenue Code of 1986 to extend the deduction for 
   film and television productions and to make certain changes with 
             respect to the calculation of such deduction.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2025

   Ms. Chu introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to extend the deduction for 
   film and television productions and to make certain changes with 
             respect to the calculation of such deduction.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. FILM AND TELEVISION PRODUCTION DEDUCTION AMENDMENTS.

    (a) Extension.--Section 181(g) of the Internal Revenue Code of 1986 
is amended by striking ``December 31, 2025'' and inserting ``December 
31, 2030''.
    (b) Increase in Dollar Limitation.--Section 181(a)(2)(A) of such 
Code is amended to read as follows:
                    ``(A) In general.--Paragraph (1) shall not apply to 
                so much of the aggregate cost of any qualified film or 
                television production or any qualified live theatrical 
                production as exceeds $30,000,000.''.
    (c) Higher Dollar Limitation for Productions in Certain Areas.--
Section 181(a)(2)(B) of such Code is amended in the matter following 
clause (ii) by striking ``substituting `$20,000,000' for 
`$15,000,000''' and inserting ``substituting `$40,000,000' for 
`$30,000,000'''.
    (d) Inflation Adjustment.--Section 181(a)(2) of such Code is 
amended by adding at the end the following new subparagraph:
                    ``(C) Inflation adjustment.--
                            ``(i) In general.--In the case of any 
                        taxable year beginning in a calendar year after 
                        2026, each dollar amount in subparagraph (A) or 
                        (B) shall be increased by an amount equal to--
                                    ``(I) such dollar amount, 
                                multiplied by
                                    ``(II) the cost-of-living 
                                adjustment determined under section 
                                1(f)(3) for the calendar year in which 
                                the taxable year begins, determined by 
                                substituting `calendar year 2025' for 
                                `calendar year 2016' in subparagraph 
                                (A)(ii) thereof.
                            ``(ii) Rounding.--Any increase determined 
                        under clause (i) shall be rounded to the 
                        nearest multiple of $1,000.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to productions commencing after the date of the enactment of this 
Act.
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