Section 181 Renewal On Hold (Temporarily)
Thanks to my readers and an exhaustive search of government web sites, it appears that the time frame for passing the Tax Extender Act of 2009 has been…extended. The United States Senate Committee on Finance issued this statement on December 22, 2009: CLICK HERE.
Thanks in large part to the extensive health care reform debate, this important piece of legislation, which contains a one year extension of Section 181, will have to wait until 2010 for a Senate vote. The statement indicates that the Senate hopes to have a “seamless extension” for important tax benefits. So, while we cannot quite exhale yet, it is a bit of a relief to know that the Senate is still planning on picking up where the House of Representatives left off. It is not clear if there will be any gap in coverage for qualified films, but the indication from this statement is that there will not be any issues for films which have not or will not begin production in 2009.
As always, stay tuned…
Special thanks to Joe Gold for the heads up. http://www.goldcapfilms.com/
Does anyone know the current status of Section 181 as of July 2010? Thanks…
JT, please check the newest post for the status.