Income tax, state; motion picture production tax credit. (HB589)

Introduced By

Del. Don Scott (D-Portsmouth) with support from co-patron Del. Jackie Glass (D-Norfolk)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Income tax; motion picture production tax credit. Removes the sunset for the motion picture production tax credit, which currently is set to expire after taxable year 2026. The bill increases the aggregate limit on credits from $6.5 million to $15 million starting with fiscal year 2021 and also provides that credits allocated for episodic content, gaming, virtual reality, and augmented reality productions shall not count against the aggregate limit. The bill provides that if the amount of credits actually claimed is less than the aggregate limit for that year, the unclaimed remainder shall be added to the limit for the next year. The bill authorizes credits to be issued for multiyear periods. Under current law, if production continues for more than one year, the taxpayer must file a separate application for each year. Read the Bill »

Status

01/20/2022: Awaiting a Vote in the Finance Committee

History

DateAction
01/11/2022Committee
01/11/2022Prefiled and ordered printed; offered 01/12/22 22102951D
01/11/2022Referred to Committee on Finance
01/20/2022Assigned Finance sub: Subcommittee #1
01/20/2022Impact statement from TAX (HB589)
02/04/2022Subcommittee recommends continuing to 2023
02/07/2022Continued to 2023 in Finance

Duplicate Bills

The following bills are identical to this one: SB520.

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)