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2010 SESSION
HB 861 Motion picture film production; provides income tax credits to any company with qualifying expenses.
Introduced by: Benjamin L. Cline | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Motion picture film production tax credits. Provides refundable income tax credits to any motion picture film production company with qualifying expenses of at least $250,000 with respect to a motion picture film production in the Commonwealth for taxable years beginning on and after January 1, 2011. The aggregate amount of grants that may be awarded by the Virginia Film Office with respect to film productions in the Commonwealth shall not exceed $2.5 million in the 2010-2012 biennium, and $5 million in any biennium thereafter. This bill is identical to SB 257.
SUMMARY AS PASSED HOUSE:
Motion picture film production tax credits. Provides refundable income tax credits to any motion picture production company with qualifying expenses of at least $250,000 with respect to a film production in the Commonwealth, for taxable years beginning on or after January 1, 2011. Total credits allowed for any biennium cannot exceed $10 million.
SUMMARY AS INTRODUCED:
Motion picture film production tax credits. Provides income tax credits to any motion picture production company with qualifying expenses of at least $250,000 with respect to a film production in the Commonwealth, for taxable years beginning on or after January 1, 2010. Total credits allowed for any biennium cannot exceed $10 million.