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2020 SESSION

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HB 1318 Motion picture production tax credit; media-related exemptions, extends sunset provision.

Introduced by: Lashrecse D. Aird | 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 SB 923.

SUMMARY AS PASSED HOUSE:

Motion picture production tax credit. 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.

SUMMARY AS INTRODUCED:

Motion picture production tax credit. 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 provides that any tax credit unallocated at the end of any fiscal year after 2010 will not expire and will be available for future allocation by the Virginia Tourism Authority.