NEWS
Posted 14 March, 2010 in VA News
VIRGINIA has passed legislation that will provide a refundable tax credit beginning January 1, 2011, of 15% to 20%. $2.5 million will be available per year. The minimum local spend is $250,000, with a funding cap of $2.5 million for the 2010-2012 biennium and $5 million for subsequent biennia. The credit is calculated at 15% of qualifying expenses (20% in economically distressed areas), with an additional 10% to 20% of aggregate resident payroll (depending on local spend), plus 10% of the total aggregate resident payroll for “first time cast and crew.” Qualifying compensation is capped at $1 million.
Posted 7 March, 2010 in VA News
Celebrities joined the Lt. Governor and the Film Office to pitch approval for the proposed 15% to 20% tax credit (HB 861, with bonuses for local and first-time hires) and 15% to 20% grant legislation (SB 257). The bills are now pending in the Senate Finance Committee and House Appropriations Committee, respectively.
Should Virginia roll out the red carpet for the motion picture industry?
http://www.virginiabusiness.com/index.php/opinion/article/should-virginia-roll-out-the-red-carpet-for-the-motion-picture-industry/203235/
Bolling, Spacek Support Incentives to Film in Virginia
http://www.whsv.com/news/headlines/84490837.html
Spacek lobbies for film tax credit
http://www2.dailyprogress.com/cdp/news/local/article/spacek_lobbies_for_film_tax_credit/52369/
Posted 1 February, 2010 in VA News
The proposed legislation looks to make major changes to the state film incentive program. The bill would implement a tax credit equal to 15% of qualifying expenses or 20% of such expenses if the production is filmed in an economically distressed area of Virginia. The production company may earn an additional credit equal to 10% of the total aggregate payroll for Virginia residents working on a production if total in-state production costs are between $250,000 and $1 million or 20% of the total aggregate payroll for Virginia residents working on a production when total in-state production costs exceed $1 million. The first $1 million of compensation for each resident and nonresident will qualify. There is an in-state minimum spend requirement of at least $250,000. The current version of the bill includes a state cap equal to $5 million per biennium but this may be changed to “as appropriated”.
Posted 31 January, 2010 in VA News
http://www.newsleader.com/article/20100105/NEWS01/1050315/1002/news01
Posted 31 January, 2010 in VA News
http://www.richmondbizsense.com/2010/01/27/va-film-industry-might-get-new-script/
Posted 3 August, 2008 in VA News
The state allocated $200,000 to the Motion Picture Opportunity Fund for fiscal year 2009.
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