The SCREEN Act establishes a federal tax credit to encourage investment in movie theater improvements and renovations. Businesses that own or operate qualified movie theaters can claim a credit equal to 30 percent of their spending on new equipment and facility upgrades, up to a maximum of $250,000 to $500,000 depending on the theater's number of screens. The credit applies to movie theaters, drive-in theaters, and similar venues showing Motion Picture Association-rated films to the public, and the property being upgraded must be expected to remain in use for at least five years. This tax incentive is available for spending through December 31, 2030, and the credit can be transferred to other entities. The bill aims to help revitalize struggling cinema businesses by offsetting their capital improvement costs through the tax system.
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