Increases tax deduction limits for qualified productions and extends the deduction period.
The CREATE Act amends the Internal Revenue Code to raise the dollar limits for tax deductions related to qualified productions from $15 million to $30 million and from $20 million to $40 million. It also introduces an inflation adjustment for taxable years starting after 2026. Additionally, the bill extends the termination date for these deductions from December 31, 2025, to December 31, 2030. These changes apply to productions starting in taxable years ending after December 31, 2025.
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