REPEAL THE HOLLYWOOD TAX CUTS! Reader Theodore Simon writes: “Never mind putting back the old excise tax on films. Just don’t let Congress extend the generous tax write-offs that are written for Hollywood’s benefit into Section 181 of the IRC, which allows film makers to expense rather than amortize certain production costs and is the motion picture industry’s equivalent of the oil industry’s depletion allowance. HR 5793 would extend those tax write-off provisions for another two years. They were supposed to lapse at the end of 2011.”
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