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

Bill Has Passed

History

DateAction
01/06/2014Committee
01/06/2014Prefiled and ordered printed; offered 01/08/14 14101016D
01/06/2014Referred to Committee on Finance
01/16/2014Impact statement from TAX (HB460)
01/17/2014Assigned Finance sub: Subcommittee #2
01/21/2014Impact statement from TAX (HB460)
01/29/2014Subcommittee recommends reporting with amendment(s) (9-Y 0-N)
02/03/2014Reported from Finance with substitute (16-Y 2-N) (see vote tally)
02/03/2014Committee substitute printed 14104663D-H1
02/04/2014Read first time
02/05/2014Passed by for the day
02/06/2014Read second time
02/06/2014Committee substitute agreed to 14104663D-H1
02/06/2014Amendments by Delegate Kilgore agreed to
02/06/2014Engrossed by House - committee substitute with amendments HB460EH1
02/06/2014Printed as engrossed 14104663D-EH1
02/07/2014Read third time and passed House (75-Y 21-N 1-A)
02/07/2014VOTE: PASSAGE (75-Y 21-N 1-A) (see vote tally)
02/07/2014Impact statement from TAX (HB460EH1)
02/10/2014Constitutional reading dispensed
02/10/2014Referred to Committee on Finance
02/25/2014Reported from Finance with amendment (17-Y 0-N) (see vote tally)
02/26/2014Senators: Wakins, Lucas, Puller
02/26/2014Constitutional reading dispensed (38-Y 0-N)
02/26/2014Read third time
02/26/2014Reading of amendment waived
02/26/2014Committee amendment agreed to
02/26/2014Engrossed by Senate as amended
02/26/2014Passed Senate with amendment (35-Y 4-N)
02/26/2014Placed on Calendar
02/26/2014Passed by temporarily
02/26/2014Senate amendment rejected by House (5-Y 85-N 1-A)
02/26/2014VOTE: REJECTED (5-Y 85-N 1-A) (see vote tally)
02/26/2014Senate insisted on amendment (39-Y 0-N)
02/26/2014Senate requested conference committee
02/26/2014House acceded to request
02/26/2014Conferees appointed by Senate
02/26/2014Senators: Watkins, Lucas, Puller
02/26/2014Conferees appointed by House
02/26/2014Delegates: Kilgore, Jones, Spruill
03/03/2014C Amended by conference committee
03/03/2014Conference report agreed to by Senate (39-Y 1-N)
03/03/2014Senate requested second conference committee (38-Y 2-Y)
03/04/2014House acceded to request for second conference committee
03/04/2014Second conferees appointed by Senate
03/04/2014Senators: Watkins, Lucas, Puller
03/04/2014Second conferees appointed by House
03/04/2014Delegates: Kilgore, Jones, Spruill
03/04/2014Conference substitute printed 14105529D-H2
03/04/2014Second conference report agreed to by House (75-Y 22-N 1-A)
03/04/2014VOTE: ADOPTION (75-Y 22-N 1-A) (see vote tally)
03/05/2014Conference report agreed to by Senate (33-Y 5-N)
03/07/2014Enrolled
03/07/2014Bill text as passed House and Senate (HB460ER)
03/07/2014Signed by Speaker
03/10/2014Signed by President
03/13/2014Impact statement from TAX (HB460ER)
04/06/2014G Approved by Governor-Chapter 730 (effective 7/1/14)
04/06/2014G Acts of Assembly Chapter text (CHAP0730)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 6 clips in all, totaling 28 minutes.

Comments

Rick Sincere writes:

For an argument against this bill, see this piece I wrote for Bearing Drift:

http://bit.ly/1cw1Igy