Senate Committee Revives Federal Film and TV Tax Credit -- for the Final Time

The Senate Finance Committee has revived a package of tax credits that includes Section 181, a lucrative federal tax incentive for the film and TV industry.

The committee renewed a package of more than 60 different enticements, commonly known as the Extenders Bill, and dispatched it to the full Senate. Attorneys said that the bill faces an uphill climb because of a credit for win energy -- not because of Section 181.

The package expired at the end of 2013, and this new bill would apply retroactively to Jan 1, 2014. It would run through the end of 2015, at which point committee chairman Ron Wyden (above) hopes to be rid of it forever. The legislation permits producers to deduct some of their expenses before they see any profit. If it expires, they will not be able to do that. It is even more helpful to television as it lets them deduct for each episode.