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2020 SESSION

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SB 923 Motion picture production tax credit; media-related exemptions, extends sunset provision.

Introduced by: L. Louise Lucas | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Motion picture production tax credit; media related exemptions. Extends from January 1, 2022, to January 1, 2027, the sunset of the motion picture production tax credit and transfers the certifying authority for the credit from the Virginia Film Office to the Virginia Tourism Authority. The bill also extends from July 1, 2022, to July 1, 2027, the sunset for certain sales tax exemptions related to film production and distribution. This bill is identical to HB 1318.

SUMMARY AS PASSED SENATE:

Motion picture production tax credit. Extends the sunset date of the motion picture production tax credit from 2022 to 2025.

SUMMARY AS INTRODUCED:

Motion picture production tax credit; aggregate cap. Increases beginning in fiscal year 2020 the aggregate limit on the amount of motion picture production tax credits that may be issued from $6.5 million to $13 million annually. The bill provides that the increase to the cap shall be reserved for productions filmed in economically distressed areas of Virginia.