NEWS
Posted 12 October, 2008 in WV News
WEST VIRGINIA’s 27% to 31% transferable tax credit has been hampered by a recapture provision, whereby the good-faith buyer of credits might lose their value should the state later determine that the production was not entitled to the credits. A temporary solution has been proposed so that once the production company submits and receives approval for its Agreed Upon Procedures Audit from the state, a letter will be issued removing the possibility of recapture. This should be a boon to production in WV, the only state that offers River On Demand â„¢, which tailors the flow of the Gauley River to the needs of the production. Our friends at Tax Credits LLC helped develop this proposal.
Posted 30 August, 2008 in WV News
NOTE (August 2008):Please be advised that the WV State Tax Department is accepting Public Comment on Legislative Rules proposed for the West Virginia Film Industry Investment Act. The rules are posted on the WV Secretary of State’s website at http://www.wvsos.com/adlaw/proposed/110-13X.pdf
Written comments may be submitted directly to the Tax Department and must be received no later than 10:00 a.m. on August 29.Comments should be mailed to: Legal Division, WV State Tax Department, P.O. Box 1005, Charleston, WV 25324-1005.
Thank you for your interest in supporting West Virginia’s film tax incentive program.
Posted 22 December, 2007 in WV News
WEST VIRGINIA will soon submit to its legislature a correction that will substantially improve their incentives package. It will be in the form of a transferable tax credit starting at 27%, with an additional 4% if 10 or more workers on the film are WV residents. A maximum of $10 million of credits will be available per year.
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