CREATE Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 2530 Introduced in Senate (IS)]

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119th CONGRESS 1st Session S. 2530

To amend the Internal Revenue Code of 1986 to expand the ability to expense certain qualified productions.

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IN THE SENATE OF THE UNITED STATES

July 30, 2025

Mrs. Blackburn (for herself and Mr. Warnock) introduced the following bill; which was read twice and referred to the Committee on Finance

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A BILL

To amend the Internal Revenue Code of 1986 to expand the ability to expense certain qualified productions.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Creative Relief and Expensing for Audio and Television Enterprises Act'' or the ``CREATE Act''.

SEC. 2. ADJUSTMENT OF PROVISIONS APPLICABLE TO QUALIFIED PRODUCTIONS.

(a) Dollar Limitations.--Section 181(a)(2) of the Internal Revenue Code of 1986, as amended by section 70434 of Public Law 119-21, is amended-- (1) in subparagraph (A), by striking ``$15,000,000'' and inserting ``$30,000,000'', (2) in subparagraph (B), by striking ``by substituting `$20,000,000' for `$15,000,000'.'' and inserting ``by substituting `$40,000,000' for `$30,000,000'.'', and (3) by adding at the end the following new subparagraph: ``(D) Inflation adjustment.-- ``(i) In general.--In the case of any taxable year beginning in a calendar year after 2026, each dollar amount in subparagraphs (A), (B), and (C) shall be increased by an amount equal to-- ``(I) such dollar amount, multiplied by ``(II) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting `calendar year 2025' for `calendar year 2016' in subparagraph (A)(ii) thereof. ``(ii) Rounding.--Any increase determined under clause (i) shall be rounded to the nearest multiple of $1,000.''. (b) Extension of Termination.--Subsection (h) of section 181 of such Code, as redesignated and amended by section 70434 of Public Law 119-21, is amended by striking ``December 31, 2025'' and inserting ``December 31, 2030''. (c) Effective Date.--The amendments made by this section shall apply to productions commencing in taxable years ending after December 31, 2025. <all>