Payback for Hollywood’s never-ending stream of leftist propaganda…
A bill titled “The American Jobs and Closing Tax Loopholes Act of 2010” that will add $115 billion to the federal deficit between now and October 2011, and that the Democratic leadership intends to push through Congress before they leave for their week-long Memorial Day recess, includes a special $46 million tax loophole for Hollywood movie and television producers.
….The House Ways and Means Committee’s 29-page summary of the bill (H.R. 4213) lists “miscellaneous” items tucked into the bill along with its major provisions. The special tax break for movie and television producers is included in this list. Says the summary: “The bill would extend for one year (through 2010) the provision that allows film and television producers to expense the first $15 million of production costs incurred in the United States ($20 million if the costs are incurred in economically depressed areas in the United States). This proposal is estimated to cost $46 million over 10 years.”
The provision is included in Section 255 of the bill, which is headlined: “Special Expensing Rules For Certain Film And Television Productions.”
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