Tax Breaks for Hollywood, Motorsports, Rum Producers

The surreally titled American Jobs and Closing Tax Loopholes Act — which should be renamed the “Tax Code Complexification and To Keep a Bunch of Tax Breaks Act” — comes up for a test vote in the Senate tomorrow. Businesses will want to keep an eye on the corporate tax extenders and revenue raisers.

A special report from CCH, a Wolters Kluwer business (download here as a pdf), is comprehensive enough to cover some of the more esoteric business tax incentives in the bill, including extensions of:

• the recovery period for certain restaurant improvements;

• the recovery period for certain retail property improvements;

• the $15 million deduction for film and television production costs;

• the railroad track maintenance credit;

• the 7-year motorsports entertainment cost recovery; and — my favorite —

• the temporary increase in limit on cover-over of rum excise taxes to Puerto Rico and the U.S. Virgin Islands. ###

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