Is Section 181 Still Alive?
The answer is yes, but barely. The Senate is “discussing” H.R. 4213 which contains the now familiar extension of Section 181. Section 117 of the bill which has passed the House would extend 181 to the end of 2010. There is no guidance for how to treat the past 3 months, but we will worry about that when we get this extension past the Senate and on to Obama.
The Senate, per Senator Reid are actively discussing and negotiating the passage of the current version of the 2009 (now 10) Tax Extender Bill today. No one ever said government move swiftly. You can track the bill here: HR 4213.
L4M, thanks for your posts on section 181; these updates have been most helpful for the past 3-4 months!
It looks to me like the Senate made a successful test vote today, and has scheduled a final vote for tomorrow.
I think section 117 of of HR 4213 which extends section 181 of the tax code for eligible filmmakers though 2010 is included.
Here’s what the Associated Press had to say (excerpts) on todays doings:
“Legislation to give additional months of unemployment benefits to people who have been out of a job for more than half a year cleared a key hurdle Tuesday that guarantees it will soon pass the Senate.
“The sweeping bill also would prevent doctors from absorbing a crippling cut in Medicare payments and extends health insurance subsidies for the unemployed through December. It would add $132 billion to the budget deficit over the next year and a half.
“Eight Republicans voted with Democrats to defeat a GOP filibuster of the measure, setting up a final vote on Wednesday.
“Tuesday’s larger bill also provides the annual extension of $26 billion worth of tax breaks for businesses and individuals that are popular with senators in both parties. . . .
“The bill includes about 60 popular tax breaks for individuals and businesses that expired at the end of 2009. The bill would extend the tax breaks through 2010.
“Congress routinely extends the tax breaks each year with large bipartisan majorities. Businesses and tax planners would prefer a more permanent solution, but lawmakers can’t agree on how to pay for a longer extension.”
So, here’s hoping for a positive outcome on Wednesday!
I am going to have an opportunity to meet with
Mike Thompson US congressmen for the first district of California,
I wanted to discuss the current state of federal film tax credit with him.
Can any one direct me to current information on section 181?
For example where the bill is in the legislative process?
What are the remaining obstacles to it’s passage?
What measures can be taken to expedite it’s passage?
What economic benefits will arise by passage?