SCREEN Act

This bill creates a tax credit to encourage investment in movie theaters. It adds a new section to the Internal Revenue Code for a "qualified movie theater revitalization credit." The credit is part of the general business credit and can be transferred to other taxpayers.

Sec. 2, Establishment of qualified movie theater revitalization credit: This section creates a tax credit equal to 30% of qualified revitalization expenditures for a movie theater. The credit per theater is capped at $250,000 for theaters with fewer than 4 screens, $375,000 for 4 to 9 screens, and $500,000 for 10 or more screens. Qualified expenditures are for new tangible property used in a theater that has been in service for at least 5 years and is expected to remain in use for 5 years. A qualified theater is a U.S. venue primarily showing copyrighted motion pictures rated by the Motion Picture Association to the public. The credit reduces the property's basis. No credit is allowed for amounts paid or incurred after December 31, 2030.