Friday, October 3, 2008

News from the Bailout

Yes, we're talking about the bailout today. The interesting part of it is the $470M earmarked for the entertainment industry. It extends Section 181 through 2009 (don't know why 2012 wasn't chosen).

So all you indie filmers, hit up those friends and let them know they can write off anything they give you.

It also raised the cap on budgets to unlimited. This means that you can write off $15M in taxes no matter the size of the movie. Good deal.


After talking with a very prominent entertainment lawyer, I found that even companies can take advantage of this tax break and incentive program. So all of you out there trying to film shorts and even features, approach those local business owners and tell them they can't lose because the gov't will refund all of their investment in the current tax year. No waiting.

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