Theatrical Production Investment Tax Credit Act of 1980

Amends the Internal Revenue Code to allow an investment tax credit to a taxpayer for up to 66 2/3 percent of the qualified United States costs of any theatrical production in which such taxpayer has an ownership interest. Defines such costs as: (1) direct production costs allocable to the United States (including the cost of equipment, supplies, and compensation for services performed, but not cost of advertising and promotion); plus (2) if 80 percent or more of the direct production costs are allocable to the United States, all other production costs (including the cost of overhead, presentation rights, residuals, and participations) allocable outside the United States.