H.R. 4787 — To amend the Internal Revenue Code of 1986 to extend the deduction for film and television productions and to make certain changes with respect to the calculation of such deduction.

This section extends the expensing provision for qualified film, television, and live theatrical productions (i.e., Section 181 of the Internal Revenue Code, which allows taxpayers to immediately deduct, rather than depreciate, eligible production costs) through productions commencing by December 31, 2030 (from December 31, 2025); increases the general dollar limitation on deductible costs to $30 million (from $15 million); raises the higher dollar limitation for productions in certain areas (e.g., low-income or rural zones) to $40 million (from $20 million); and adds an inflation adjustment to both limitations for taxable years beginning after 2026, using 2025 as the base year and rounding adjustments to the nearest $1,000. The changes apply to productions commencing after the date of enactment.