Fiscal cliff ‘deal’ gives Hollywood big tax incentives
Because, doesn’t Hollywood need more tax payer dollars? Part of the fiscal cliff pile of crap deal includes an extension “special expensing rules for certain film and television productions” which were meant to expire in 2011.
The original tax incentive applied to productions costing less than $15 million to make ($20 million in low-income areas). The 2008 extension applies to all films, up to a deduction of $15 million (or $20 million in low-income areas). The incentive is especially generous to television series; it applies to each TV episode.
Hollywood players routinely beg the government to raise their taxes so they can pay their “fair share.”