Bill > SB612

This bill extends the sunset date for Virginia's motion picture production tax credit, which offers a refundable tax credit to companies that incur qualifying expenses filming in the Commonwealth, from the taxable year 2026 to the taxable year 2031. This credit, designed to incentivize film production within the state, is calculated as a percentage of a production company's qualifying expenses, with higher percentages available for productions filmed in economically distressed areas or those employing a significant number of Virginia residents. Qualifying expenses generally include goods and services leased or purchased in Virginia and compensation paid to employees, with certain limitations on high salaries. The bill amends existing law by changing the end date for eligibility from January 1, 2027, to January 1, 2031, effectively extending the program for an additional four years.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/SB612