Puerto Rico Film, Television, and Theatre Production Act of 2023
Source: Congress.gov ·
314 words in original text
What This Bill Does
This bill changes federal tax law to allow faster depreciation of film, television and live theatrical productions made in Puerto Rico. Depreciation is when a business deducts the cost of equipment or property gradually over several years. The bill specifically extends this tax benefit to productions located in Puerto Rico that were previously only allowed in other parts of the United States.
Who It Affects
Companies and individuals who produce films, television shows or live theatrical productions in Puerto Rico.
Key Provisions
• The federal tax code is changed to include Puerto Rico when determining which film, television and live theatrical productions qualify for accelerated depreciation (Sec. 2(a)).
• Companies can reference Section 168(k)(2)(A) of the Internal Revenue Code for the specific rules on how to apply this accelerated depreciation to their qualified productions (Sec. 2(c)).
What Changes
Puerto Rico is added to the list of locations where film, television and live theatrical productions can use accelerated depreciation for tax purposes.
Effective Date
The amendment takes effect as if it were included in Section 13201 of Public Law 115-97 (Sec. 2(b)).
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