Section 181 Update

Today's update is a guest post from Raz Cunningham. On Dec. 31, 2009, Section 181 of the American Jobs Creation Act expired. It is going to be renewed in 1 of 2 possible forms. Either in the Tax Extenders Act of 2009 (the House Bill) or the American Worker State and Business Relief Act (the Senate Bill). The language is the same as it was for Section 181, the same tax breaks/benefits still apply. In the Tax Extenders Act of 2009, the language can be found in Section 117 of the Bill; in the American Worker State and Business Relief Act it can be found in Section 145. The language of these two sections is EXACTLY the same. The Senate Bill has already passed in the Senate and is on its way to the House.

What's important to note is that one of these two Bills, either or, is overwhelmingly expected to pass. Neither Section of either Bill has been the source of any controversy or contesting and is strongly supported by both Parties. Once either Bill is passed, any qualifying film made from Jan 1st, 2010 to Dec. 31st 2010 will be able to take advantage of the tax breaks.

Raz Cunningham is a filmmaker based out of New York & Rhode Island, about to start Pre-Production on his first full length feature film "Our Last Days As Children" this summer.