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106th CONGRESS
2d Session
H. R. 5497
To amend the Internal Revenue Code of 1986 to allow a credit against
income tax for certain audio or video postproduction equipment.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 18, 2000
Mr. Weller (for himself, Mr. Foley, Mr. Becerra, Mr. Matsui, Mr.
Ramstad, Mr. English, Mr. Rogan, Mr. Sessions, Mr. Sensenbrenner, Mr.
Lewis of Georgia, Mr. Coyne, Mrs. Maloney of New York, Mrs. Jones of
Ohio, Mr. Waxman, Mr. Condit, and Mr. Berman) introduced the following
bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to allow a credit against
income tax for certain audio or video postproduction equipment.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. CREDIT FOR BUSINESS USE OF AUDIO AND VIDEO POSTPRODUCTION
EQUIPMENT.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to business related
credits) is amended by adding at the end the following new section:
``SEC. 45D. AUDIO AND VIDEO POSTPRODUCTION EQUIPMENT.
``(a) In General.--For purposes of section 38, the postproduction
equipment credit determined under this section for the taxable year is
an amount equal to 20 percent of the excess (if any) of--
``(1) the aggregate basis of qualified postproduction
equipment placed in service by the taxpayer during the taxable
year, over
``(2) an amount equal to 5 percent of the taxpayer's
average annual gross receipts from digital postproduction
services for the 4 preceding taxable years.
``(b) Definitions.--For purposes of this section--
``(1) Qualified postproduction equipment.--The term
`qualified postproduction equipment' means any tangible
personal property (not including a building and its structural
components) but only if--
``(A) it is reasonable to expect that at least 50
percent of the use of such property during each of the
first 3 years after being placed in service by the
taxpayer will be--
``(i) to provide digital postproduction
services, or
``(ii) to maintain, operate, control,
regulate, repair, measure, or test property
used to provide digital postproduction
services, and
``(B) section 168 applies to such property.
``(2) Postproduction services.--The term `postproduction
services' means--
``(A) services to transform, manipulate, assemble,
and duplicate visual moving images and synchronous
sound previously captured during principal photography,
``(B) the creation of visual images and synchronous
sound to be used with visual moving images and sound
captured during principal photography,
``(C) animation services, or
``(D) the providing of equipment to perform
services referred to in any of the preceding
subparagraphs.
``(3) Digital postproduction services.--The term `digital
postproduction services' means postproduction services where--
``(A) the customer delivery requirement to meet the
ATSC compression format restraints is one of the 23
specified image formats listed in the Advanced
Television Systems Committee Digital Television
Standard Table 3, or
``(B) program audio has more than 2 channel sound
that will be downmixed through use of the AC3
compression standard specified by the Advanced
Television Systems Committee Digital Television
Standard.
``(c) Recapture.--Rules similar to the rules of section 50(a) shall
apply to the credit determined under this section; except that--
``(1) the recapture percentage shall be 100 percent if the
property is used to provide services on any production subject
to the record keeping requirements of section 2257 of title 18,
United States Code (relating to record keeping requirements
with respect to films, etc., with sexually explicit content),
and
``(2) if, during any of the first 3 years after the
property is placed in service, less than 50 percent of the use
of the property is for purposes referred to in subsection
(b)(1)(A), such property shall cease to be qualified
postproduction equipment as of the beginning of the earliest
such year.
``(d) Special Rules.--
``(1) Property used outside united states.--No credit shall
be determined under this section with respect to property which
is used predominantly outside the United States.
``(2) Certain rules to apply.--Rules similar to the rules
of subsections (c)(6), (f), and (g) of section 41 shall apply
for purposes of this section.
``(3) Reduction in basis.--For purposes of this subtitle,
if a credit is determined under this section with respect to
any property, the basis of such property shall be reduced by
the amount of the credit so determined.''
(b) Conforming Amendments.--
(1) Section 38(b) of such Code is amended--
(A) by striking ``plus'' at the end of paragraph
(11),
(B) by striking the period at the end of paragraph
(12), and inserting ``, plus'', and
(C) by adding at the end the following new
paragraph:
``(13) the postproduction credit determined under section
45D.''
(2) Subsection (d) of section 39 of such Code (relating to
carryback and carryforward of unused credits) is amended by
adding at the end the following new paragraph:
``(9) No carryback of section 45d credit before january 1,
2001.--No portion of the unused business credit for any taxable
year which is attributable to the credit determined under
section 45D may be carried back to a taxable year beginning
before January 1, 2001.''
(3) The table of sections for subpart D of part IV of
subchapter A of chapter 1 of such Code is amended by adding at
the end the following new item:
``Sec. 45D. Audio and video
postproduction equipment.''
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2000.
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