This bill would create a new federal tax credit called the Qualified Movie Theater Revitalization Credit (added as section 45BB of the Internal Revenue Code). The credit equals 30% of qualifying spending on tangible property used in existing movie theaters when that property’s original use begins with the taxpayer. A theater’s annual credit is capped by an "applicable amount" based on the number of screens: $250,000 for fewer than 4 screens, $375,000 for 4–9 screens, and $500,000 for 10 or more screens. "Qualified movie theater revitalization expenditures" must be for depreciable tangible property used in a theater that has been in service for the prior 5 years and is expected to stay in use for the next 5 years. Eligible venues include movie theaters, screening rooms, drive-ins, and similar places that show Motion Picture Association–rated films to the public or assembled groups. The credit would be treated as part of the general business credit, be made transferable under the tax code, require a downward adjustment to the tax basis of the property by the credit amount, and would not apply to amounts paid after December 31, 2030. The change applies to amounts paid or incurred after the bill’s enactment.
No publicly available information on estimated federal budget costs, revenue effects, or an official cost estimate is included in the bill text.
No publicly available information in the bill text about supporters' statements. The bill’s stated purpose is to "establish a credit to incentivize investments in movie theaters." Sponsors listed in the metadata are Representatives Tenney, Kustoff, and Carey.
No publicly available information in the bill text about opposition or critiques of the bill.