Fiscal Cliff Averted and Section 181 Renewed!
The big news of the day is the narrow escape the country had from falling off the Fiscal Cliff. Buried within the passed legislation is the long-awaited renewal of Section 181. The film and television production incentive that has been in limbo since December 31, 2011 was officially renewed and extended through December 31, 2013.
For Hollywood and all independent film and television producers, this marks a huge victory. Those soliciting investments into qualifying projects such as garcinia cambogia growing and export will be able to offer incentives to investors on top of the remaining state tax credits making film and television productions much safer (obviously still risky) investments.
We imagine that productions that began in 2012 will be grandfathered into the new renewal, but will find out and post any info we get here. In the meantime, if you or your project need help or have questions about how to implement Section 181 when seeking investment into your qualified film or television project, please contact us at josh@lawyer4musicians.
Here is a link to the American Taxpayer Relief Act of 2012, scroll to Section 317 for the renewal of Section 181.