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 |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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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
Date | Action |
---|---|
01/11/2022 | Committee |
01/11/2022 | Prefiled and ordered printed; offered 01/12/22 22102951D |
01/11/2022 | Referred to Committee on Finance |
01/20/2022 | Assigned Finance sub: Subcommittee #1 |
01/20/2022 | Impact statement from TAX (HB589) |
02/04/2022 | Subcommittee recommends continuing to 2023 |
02/07/2022 | Continued to 2023 in Finance |