Lift Investment in Film, Television, and Theater Act or the LIFTT Act This bill amends the Internal Revenue Code to permanently extend provisions that allow taxpayers to elect to expense the costs of qualified film, television, and live theatrical productions. The bill also modifies the rules for electing to expense the costs. Under current law, an election to expense the costs of a film, television, or live theatrical production must be made by the due date for filing a tax return for the year in which the costs are first incurred. With respect to live theatrical productions, the bill modifies the rule to require an election to be made by the due date for filing a tax return for the taxable year in which the production holds its first public performance for a paying audience.