Tax bill helps indie filmmakers with an extension of Section 181 tax relief. To read more, click here.
The new tax bill that Obama recently signed into law will extend the Section 181 film tax credit to the end of 2011. In addition, it can be applied retroactively to all qualifying films produced in 2011 and 2010.
The bill allows producers to deduct the cost of qualifying expenditures in the year they occur rather than having to amortize those costs over several years. This is great news for independent filmmakers and their equity backers, who can now offset their equity investment by as much as 50 percent or more through the combination of state and federal incentives. (reprinted from thewrap.com)