VirginiaContent manufacturing tax credit; removes sunset for the motion picture credit, redesignates credit.
What it does
Content manufacturing tax credit. Removes the sunset for the motion picture tax credit, which currently is set to expire after taxable year 2026, and expands and redesignates the tax credit as the content manufacturing tax credit. The bill increases the total amount of credits that can be allocated to taxpayers to $46.5 million beginning in fiscal year 2024; however, should less than $100 million worth of certain new investments, as described by the bill, occur in Virginia by January 1, 2027, the cap will be reduced to $10 million per fiscal year.
More detail
The bill also amends the definition of the "qualifying expenses" eligible for the content manufacturing tax credit to mean certain amounts spent in connection with the production of an eligible project filmed in the Commonwealth. The bill defines "eligible project" to be the production of a motion picture or an episodic television series.
Where do you stand?
Choose your position
Tell your reps
Take a position to see your representatives and ways to contact them.
Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2024
- Nov 19Left in Finance and AppropriationsLatest
- Feb 12Continued to 2025 in Finance and Appropriations (15-Y 0-N)
- Vote recorded S Continued to 2025 in Finance and Appropriations. Result: pass.Upper
- Feb 5Impact statement from TAX (SB251)
- Jan 9Referred to Committee on Finance and AppropriationsMinor
- Jan 9Prefiled and ordered printed; offered 01/10/24 24101615DIntroduced