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Internal Revenue Code of 1986

The official set of laws that outlines the U.S. federal tax system, including rules for deductions, credits, and income.

Bonus Depreciation

A tax rule that lets businesses deduct a larger portion of the cost of new equipment or property in the year it's purchased, rather than spreading the deduction out over many years. This reduces taxable income sooner.

Qualified Film or Television Production

A specific film or TV project that meets certain government requirements, such as being for commercial or educational use and meeting minimum in-state spending, making it eligible for special tax benefits.

In-State Spending Thresholds

A minimum amount of money that a film or TV production must spend within a specific U.S. state (e.g., on wages, supplies, services) to qualify for certain tax incentives or deductions.

Section 168(k)

A specific part of the Internal Revenue Code that deals with bonus depreciation rules for certain types of property.

Section 181(d)

A specific part of the Internal Revenue Code that defines what constitutes a 'qualified film or television production' for tax purposes.