Income tax; motion picture production credit. (HB460)
Introduced By
Del. Terry Kilgore (R-Gate City) with support from co-patron Del. Chris Peace (R-Mechanicsville)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax; motion picture production credit. Changes the motion picture production income tax credit by (i) increasing the percentage of qualifying expenses eligible to be claimed from 15 percent to 20 percent, and from 20 percent to 25 percent for productions in an economically distressed areas, (ii) increasing the total biennium cap for all such credits from $5 million to $25 million, and (iii) having the credit expire on December 31, 2023. The bill also requires the Department to publish information regarding the credit regardless if it does not prevent the identification of the taxpayer claiming the credit. The bill is effective for taxable years beginning on or after January 1, 2014. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/06/2014 | Committee |
01/06/2014 | Prefiled and ordered printed; offered 01/08/14 14101016D |
01/06/2014 | Referred to Committee on Finance |
01/16/2014 | Impact statement from TAX (HB460) |
01/17/2014 | Assigned Finance sub: Subcommittee #2 |
01/21/2014 | Impact statement from TAX (HB460) |
01/29/2014 | Subcommittee recommends reporting with amendment(s) (9-Y 0-N) |
02/03/2014 | Reported from Finance with substitute (16-Y 2-N) (see vote tally) |
02/03/2014 | Committee substitute printed 14104663D-H1 |
02/04/2014 | Read first time |
02/05/2014 | Passed by for the day |
02/06/2014 | Read second time |
02/06/2014 | Committee substitute agreed to 14104663D-H1 |
02/06/2014 | Amendments by Delegate Kilgore agreed to |
02/06/2014 | Engrossed by House - committee substitute with amendments HB460EH1 |
02/06/2014 | Printed as engrossed 14104663D-EH1 |
02/07/2014 | Read third time and passed House (75-Y 21-N 1-A) |
02/07/2014 | VOTE: PASSAGE (75-Y 21-N 1-A) (see vote tally) |
02/07/2014 | Impact statement from TAX (HB460EH1) |
02/10/2014 | Constitutional reading dispensed |
02/10/2014 | Referred to Committee on Finance |
02/25/2014 | Reported from Finance with amendment (17-Y 0-N) (see vote tally) |
02/26/2014 | Senators: Wakins, Lucas, Puller |
02/26/2014 | Constitutional reading dispensed (38-Y 0-N) |
02/26/2014 | Read third time |
02/26/2014 | Reading of amendment waived |
02/26/2014 | Committee amendment agreed to |
02/26/2014 | Engrossed by Senate as amended |
02/26/2014 | Passed Senate with amendment (35-Y 4-N) |
02/26/2014 | Placed on Calendar |
02/26/2014 | Passed by temporarily |
02/26/2014 | Senate amendment rejected by House (5-Y 85-N 1-A) |
02/26/2014 | VOTE: REJECTED (5-Y 85-N 1-A) (see vote tally) |
02/26/2014 | Senate insisted on amendment (39-Y 0-N) |
02/26/2014 | Senate requested conference committee |
02/26/2014 | House acceded to request |
02/26/2014 | Conferees appointed by Senate |
02/26/2014 | Senators: Watkins, Lucas, Puller |
02/26/2014 | Conferees appointed by House |
02/26/2014 | Delegates: Kilgore, Jones, Spruill |
03/03/2014 | C Amended by conference committee |
03/03/2014 | Conference report agreed to by Senate (39-Y 1-N) |
03/03/2014 | Senate requested second conference committee (38-Y 2-Y) |
03/04/2014 | House acceded to request for second conference committee |
03/04/2014 | Second conferees appointed by Senate |
03/04/2014 | Senators: Watkins, Lucas, Puller |
03/04/2014 | Second conferees appointed by House |
03/04/2014 | Delegates: Kilgore, Jones, Spruill |
03/04/2014 | Conference substitute printed 14105529D-H2 |
03/04/2014 | Second conference report agreed to by House (75-Y 22-N 1-A) |
03/04/2014 | VOTE: ADOPTION (75-Y 22-N 1-A) (see vote tally) |
03/05/2014 | Conference report agreed to by Senate (33-Y 5-N) |
03/07/2014 | Enrolled |
03/07/2014 | Bill text as passed House and Senate (HB460ER) |
03/07/2014 | Signed by Speaker |
03/10/2014 | Signed by President |
03/13/2014 | Impact statement from TAX (HB460ER) |
04/06/2014 | G Approved by Governor-Chapter 730 (effective 7/1/14) |
04/06/2014 | G Acts of Assembly Chapter text (CHAP0730) |
Comments
For an argument against this bill, see this piece I wrote for Bearing Drift:
http://bit.ly/1cw1Igy