Puerto Rico Film, Television, and Theatre Production Act of 2023

Puerto Rico Film, Television, and Theatre Production Act of 2023

This bill extends the expensing provisions for film, television, and theater productions to productions in Puerto Rico. (Expensing permits the write-off of property costs in the current taxable year rather than amortizing such costs over a period of years.)

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 376 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 376

    To amend the Internal Revenue Code of 1986 to allow accelerated 
    depreciation of certain qualified film and television and live 
                 theatrical productions in Puerto Rico.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 17, 2023

 Mrs. Gonzalez-Colon introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to allow accelerated 
    depreciation of certain qualified film and television and live 
                 theatrical productions in Puerto Rico.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Puerto Rico Film, Television, and 
Theatre Production Act of 2023''.

SEC. 2. ACCELERATED DEPRECIATION FOR CERTAIN QUALIFIED FILM AND 
              TELEVISION AND LIVE THEATRICAL PRODUCTIONS IN PUERTO 
              RICO.

    (a) In General.--Section 181(d)(3)(A) of the Internal Revenue Code 
of 1986 is amended by inserting ``(including Puerto Rico)'' after 
``United States''.
    (b) Effective Date.--The amendment made by this section shall take 
effect as if included in section 13201 of Public Law 115-97.
    (c) Cross Reference.--For application of accelerated depreciation 
to qualified film or television productions and qualified live 
theatrical productions (as defined in section 181 of the Internal 
Revenue Code of 1986, as amended by this section), see section 
168(k)(2)(A) of the Internal Revenue Code of 1986.
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