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Hollywood gets tax breaks in 'cliff' deal
Posted By -NO AUTHOR- On 01/01/2013 @ 6:34 pm In Front Page,Money,Politics | No Comments
(BREITBART) — The Senate passed legislation meant to end the “fiscal cliff” crisis in the wee hours of the morning. And it seems Hollywood’s rigorous backing of President Barack Obama and his Democrat peers in the waning months of 2012 paid off.
Section 317 of the freshly approved legislation includes an extension for “special expensing rules for certain film and television productions.” Congress first enacted production tax incentives favorable to the domestic entertainment industry in 2004, and extended them in 2008, but the deal was meant to expire in 2011.
The fiscal cliff deal extends the tax incentives through 2013–even as payroll taxes rise on ordinary Americans.
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