Sound recording productions join film and live theater in the expensing rule
What the document says“Section 181(a)(1) is amended by striking "qualified film or television production, and any qualified live theatrical production," and inserting "qualified film or television production, any qualified live theatrical production, and any qualified sound recording production".”
The section adds any qualified sound recording production to the list in section 181(a)(1) of the Internal Revenue Code of 1986, and makes the same addition in subsections (b), (c) and the redesignated subsection (h) so the new term runs through the section. The section heading and the table of sections item are reworded to treatment of certain qualified productions.
What the document actually says“Section 181(a)(1) is amended by striking "qualified film or television production, and any qualified live theatrical production," and inserting "qualified film or television production, any qualified live theatrical production, and any qualified sound recording production".”
A phrase is taken out of a tax rule. A longer one is put in. The new one adds sound recording productions.
Film and live theater were already on the list. The same addition is made in three more spots. The section heading is reworded to match.
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