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Special Expensing for Qualified Sound Recording Productions (Section 70434)
Illinois — state programup to $150,000 per tax year
For productions commencing before January 1, 2026, in tax years ending after July 4, 2025, expands special expensing rules under IRC section 181 to include qualified sound recording productions produced and recorded in the United States, up to $150,000 per tax year. For productions commencing in tax years ending July 4, 2025, expands the definition of qualified property eligible for additional first-year depreciation under IRC section 168(k) to include qualified sound recording productions.
Program details
- Type
- tax-credit
- Amount
- up to $150,000 per tax year
- Eligibility
- Taxpayers with qualified sound recording productions (as defined in 17 U.S.C. section 101) produced and recorded in the United States, commencing before January 1, 2026, in tax years ending after July 4, 2025.
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.