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Expensing

For tax purposes, expensing means deducting the full cost of an asset or expense in the year it occurs, rather than spreading those deductions out over several years. This reduces taxable income sooner.

Qualified Productions

Refers to specific types of productions, such as feature films, television shows, or live theatrical productions, that meet certain criteria to qualify for special tax treatment.

Internal Revenue Code of 1986

The official body of law that outlines all federal tax laws in the United States, managed by the Internal Revenue Service (IRS).

Inflation Adjustment

A mechanism to increase dollar amounts or thresholds automatically over time to account for the rising cost of goods and services, ensuring the value of the amount remains relatively constant.

Taxable Year

The annual accounting period for keeping records and reporting income and expenses for tax purposes. For most individuals, it's the calendar year, but businesses can use a fiscal year.

Sunset Provision

A clause in a law that specifies an automatic end date for the law or a specific part of it, unless lawmakers take action to extend or reauthorize it.