Fiscal Cliff Rider Gives US Producers Tax Aid
US PRODUCERS got a lift from the passage of fiscal cliff legislation in the US Congress January 1.
Attached to the legislation was a rider that includes a tax deduction valued at as much as $430 million. Section 181 allows producers to expense the first $15 million of production costs if 75% of the production occurs in the US.
The deduction, retroactive to January 1, 2012 and running through the end of this year, will not be vulnerable during the the upcoming fiscal cliff standoff expected in the next two months, Variety reports.