To amend the Internal Revenue Code of 1986 to extend the deduction for film and television productions and to make certain changes with respect to the calculation of such deduction.

This bill would extend the film and television production deduction (Section 181) through December 31, 2030, rather than ending in 2025. It also increases the per-production deduction caps: a general cap of up to $30 million of qualified costs, and a higher cap of up to $40 million for productions in certain areas. Additionally, starting with taxable years beginning after 2026, the dollar amounts would be adjusted for inflation (with rounding to the nearest thousand). The changes apply to productions that begin after the act is enacted. In short, the bill provides longer and larger tax relief for U.S. film, television, and live theatrical productions, with built-in inflation indexing and a higher incentive for productions in designated areas.