Was just speaking with a savvy producer who had completely missed this, which makes think a slew of other folks who could benefit missed it, too:

In short, Obama just signed into law HR 4853, a tax bill which extends the Section 181 film finance incentive through the end of 2011.

The 181 incentive makes investing in film an immediate, 100% write-off until dollar-back. Which, in turn, both levers up returns (as investors are investing pre-tax dollars) and provides a very effective (and completely legal) tax deferral strategy.

Further details are available in IRS Regulations TD 9312 and REG-115403-05.

If you invested in a film during the 2009 tax year, you are likely entitled to deduct that investment entirely. Feel free to contact us at Cyan for guidance, as we helped lobby for the bill’s extension, know more about its ins and outs than we probably should, and would be more than happy to share info with your accountant.