The CREATE Act expands tax breaks for the film, television, and audio production industries by increasing the amount of production costs companies can immediately deduct from their taxes. Specifically, the bill doubles the current spending limits from $15 million to $30 million for most qualified productions, and from $20 million to $40 million for productions in certain lower-income areas. The bill also extends the expiration date of these tax incentives from December 31, 2025 to December 31, 2030, allowing the industry to benefit from these deductions for five additional years. Starting in 2027, the spending limits will automatically increase each year to account for inflation. This legislation primarily benefits production companies and studios that create content for television, film, and audio, and it takes effect for any productions that begin after December 31, 2025.
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