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139 STAT. 245 PUBLIC LAW 119–21—JULY 4, 2025 production’’ and inserting ‘‘qualified film or television production, any qualified live theatrical production, or any qualified sound recording production’’. (e) QUALIFIED SOUND RECORDING PRODUCTION DEFINED.—Sec- tion 181 is amended by redesignating subsections (f) and (g) as subsections (g) and (h), respectively, and by inserting after sub- section (e) the following new subsection: ‘‘(f) QUALIFIED SOUND RECORDING PRODUCTION.—For purposes of this section, the term ‘qualified sound recording production’ means a sound recording (as defined in section 101 of title 17, United States Code) produced and recorded in the United States.’’. (f) APPLICATION OF TERMINATION.—Section 181(h), as redesig- nated by subsection (e), is amended by striking ‘‘qualified film and television productions or qualified live theatrical productions’’ and inserting ‘‘qualified film and television productions, qualified live theatrical productions, or qualified sound recording produc- tions’’. (g) BONUS DEPRECIATION.— (1) QUALIFIED SOUND RECORDING PRODUCTION AS QUALIFIED PROPERTY.—Section 168(k)(2)(A)(i) is amended— (A) by striking ‘‘or’’ at the end of subclause (IV), by inserting ‘‘or’’ at the end of subclause (V), and by inserting after subclause (V) the following: ‘‘(VI) which is a qualified sound recording production (as defined in subsection (f) of section 181) for which a deduction would have been allow- able under section 181 without regard to sub- sections (a)(2) and (h) of such section or this sub- section, and’’, and (B) in subclauses (IV) and (V) (as so amended) by striking ‘‘without regard to subsections (a)(2) and (g)’’ both places it appears and inserting ‘‘without regard to sub- sections (a)(2) and (h)’’. (2) PRODUCTION PLACED IN SERVICE.—Section 168(k)(2)(H) is amended by striking ‘‘and’’ at the end of clause (i), by striking the period at the end of clause (ii) and inserting ‘‘, and’’, and by adding after clause (ii) the following: ‘‘(iii) a qualified sound recording production shall be considered to be placed in service at the time of initial release or broadcast.’’. (h) CONFORMING AMENDMENTS.— (1) The heading for section 181 is amended to read as follows: ‘‘TREATMENT OF CERTAIN QUALIFIED PRODUCTIONS.’’. (2) The table of sections for part VI of subchapter B of chapter 1 is amended by striking the item relating to section 181 and inserting the following new item: ‘‘Sec. 181. Treatment of certain qualified productions.’’. (i) EFFECTIVE DATE.—The amendments made by this section shall apply to productions commencing in taxable years ending after the date of the enactment of this Act. SEC. 70435. EXCLUSION OF INTEREST ON LOANS SECURED BY RURAL OR AGRICULTURAL REAL PROPERTY. (a) IN GENERAL.—Part III of subchapter B of chapter 1, as amended by the preceding provisions of this Act, is amended by inserting after section 139K the following new section: 26 USC 168 note. 26 USC prec. 161.