The Senate today stripped that $246 million provision that would have allowed the movie industry to take accelerated “bonus depreciation” on 50% of its equipment costs in 2009. The MPAA had lobbied for filmmakers to be included in the stimulus package now costing near $900 billion. Senate Republicans led the move against the tax break for Hollywood during this recession, arguing that movie employers already get a write-off of up to $15 million for shooting in the United States. But also cited by the senators was the record-setting $1 billion January box office gross as a reason that the movie studios don’t need a bailout.
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.