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Special Expensing for Qualified Sound Recording Productions (Section 70434 / IRC Section 181)
Illinois — state programup to $150,000 per tax yearDeadline: 2025-12-31
Expands special expensing rules under IRC Section 181 to include qualified sound recording productions commencing before January 1, 2026, in tax years ending after July 4, 2025, up to $150,000 per tax year. Also expands IRC Section 168(k) additional first-year depreciation to include qualified sound recording productions for productions commencing in tax years ending July 4, 2025.
Program details
- Type
- tax-credit
- Amount
- up to $150,000 per tax year
- Deadline
- 2025-12-31
- Eligibility
- Qualified sound recording productions (as defined in 17 U.S.C. section 101) that are produced and recorded in the United States, commencing before January 1, 2026.
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.