CREATE Act
Congress Proposes Larger Tax Write-Off Limits for Film and TV Productions, Extending Break to 2030
Stalled
No legislative action in over 90 days.
Legislative Progress
Key Points
- Lets more film, TV, and similar productions write off more of their costs right away on their taxes, instead of spreading it out over time.
- Raises the maximum production budget that can qualify for this faster write-off, doubling the main limit from $15 million to $30 million.
- Raises a higher cap for certain productions from $20 million to $40 million.
- Extends how long this tax break is available, moving the end date from December 31, 2025, to December 31, 2030.
- After 2026, the dollar caps would increase over time with inflation, in $1,000 steps.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
7 articles
Bipartisan bill calls for US Section 181 film, TV production incentive expansion
Covers the CREATE Act proposal to extend and expand IRC Section 181, including higher $30M/$40M caps and extension through 2030, plus inflation adjustment.
Blackburn, Warnock Introduce Legislation to Provide Tax Relief for Entertainers...
Announcement of the CREATE Act to extend IRC Section 181 for five years, allowing qualifying productions to expense costs and keeping incentives available beyond 2025.
Blackburn's New Bipartisan Bill Seeks to Help Entertainers Save Money on Taxes
Reports on the CREATE Act extending Section 181 to 2030 and adding cost-of-living adjustments, framing it as tax relief for entertainment and recording expenses.
Source Information
Document Type
Congressional Bill
Official Title
CREATE Act
Data Sources
Sponsor
Cosponsors
(13)Analysis generated by AI. Always verify with official sources.