113 S2180 IS: Support Theaters in America Growth and Expansion Act
U.S. Senate
2014-03-27
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.
This Act may be cited as
the Support Theaters in America Growth and Expansion Act
or the STAGE Act
.
2.
Expensing of
qualified productions
(a)
Subsection
(f) of section 181 of the Internal Revenue Code of 1986 is amended by
striking
December 31, 2013
and inserting December 31,
2015
.
(b)
Application to
live productions
(1)
Paragraph (1) of section 181(a) of the Internal Revenue
Code of 1986 is amended by inserting , and any qualified live theatrical
production,
after any qualified film or television
production
.
(2)
Section 181 of such Code is amended—
(A)
by inserting
or any qualified live theatrical production
after
qualified film or television production
each place it appears in
subsections (a)(2), (b), and (c),
(B)
by inserting
or qualified live theatrical productions
after qualified
film or television productions
in subsection (f), and
(C)
by inserting
and live
theatrical
after film and television
in the
heading.
(c)
Qualified live
theatrical production
Section 181 of the Internal Revenue Code of
1986 is amended—
(1)
by redesignating
subsections (e) and (f), as amended by subsections (a) and (b), as
subsections
(f) and (g), respectively, and
(2)
by inserting
after subsection (d) the following new subsection:
(e)
Qualified live
theatrical production
For purposes of this section—
(1)
The term qualified live theatrical
production means any production described in paragraph (2) if 75 percent
of the total compensation of the production is qualified
compensation (as
defined in subsection (d)(3)).
(2)
(A)
A production is described in this paragraph if such
production is a live staged production of a play (with or without
music) which
is derived from a written book or script and is produced or
presented by a
commercial entity in any venue which has an audience capacity of
not more than
3,000 or a series of venues the majority of which have an audience
capacity of
not more than 3,000.
(B)
In the case of multiple live staged
productions—
(i)
for which the
election under this section would be allowable to the same
taxpayer, and
(ii)
which
are—
(I)
separate phases
(within the meaning of section 469(g)(4)(B)) of a production, or
(II)
separate
simultaneous stagings of the same production in different
geographical
locations (not including multiple performance locations of any one
touring
production),
each such live staged production
shall be treated as a separate production.
(C)
A
production is not described in this paragraph if such production
includes or
consists of any performance of conduct described in section
2257(h)(1) of title
18, United States
Code.
.
(d)
(1)
The amendments made by this section shall apply to productions commencing after December 31, 2013.
(2)
For
purposes of paragraph (1), the date on which a qualified live
theatrical production commences is the date of the first public
performance of
such production for a paying audience.
3.
Dispositions of
interest in theatrical productions as passive activity
(a)
Subsection (g) of section 469 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
paragraph:
(4)
Special rule
for interest in qualified live theatrical productions
(A)
In the case of an interest in a qualified live theatrical
production (as defined in section 181(e)(1)) as a passive activity—
(i)
each phase of
such production shall be treated separately for purposes of this
subsection,
and
(ii)
the termination
of any phase of such production in which the taxpayer holds an
interest as a
passive activity shall be treated as a disposition of such
taxpayer's entire
interest in such passive activity.
(B)
For
purposes of subparagraph (A), the term phase with respect to any
qualified live theatrical production refers to each of the
following, but only
if each of the following is treated as a separate activity by the
taxpayer for
all purposes of this title:
(i)
The initial
staging of a live theatrical production.
(ii)
Subsequent
additional stagings or touring of such production which are
produced by the
same producer as the initial staging.
(iii)
Disposition of
copyrights, licensing rights, or subsidiary rights in connection
with such
production.
.
(b)
The amendment made by this section shall apply to taxable
years beginning after December 31, 2013.