Bill Summary
This bill, known as the "Puerto Rico Film, Television, and Theatre Production Act of 2019," aims to amend the Internal Revenue Code of 1986 to allow for accelerated depreciation of certain qualified film, television, and live theatrical productions in Puerto Rico. This means that these productions would be able to deduct a larger portion of their expenses in the first year, rather than spreading them out over several years, potentially providing tax benefits to the production companies. The amendment also includes Puerto Rico in the definition of "United States" for these purposes. The effective date is retroactive, and the amendment cross references other sections of the Internal Revenue Code for application.
Possible Impacts
1. This legislation may benefit people working in the film, television, and theatre industries in Puerto Rico by allowing for accelerated depreciation of certain productions. This could potentially result in more job opportunities and economic growth for those in these industries.
2. The legislation could also potentially affect individuals living in Puerto Rico by potentially creating more job opportunities and boosting the economy. This could result in a better quality of life and increased economic stability for residents.
3. Additionally, the legislation could potentially impact the tax revenue and budget of Puerto Rico, as it allows for accelerated depreciation which could result in lower taxes for these industries. This could potentially lead to a decrease in government funding for certain programs and services.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3943 Introduced in House (IH)]
<DOC>
116th CONGRESS
1st Session
H. R. 3943
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 24, 2019
Miss Gonzalez-Colon of Puerto Rico 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 2019''.
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.
<all>