VirginiaSB2512025 Regular SessionSenate

Content manufacturing tax credit; removes sunset for the motion picture credit, redesignates credit.

Sponsored By: Ghazala F. Hashmi (Democratic)

Failed

Summary

Content manufacturing tax credit. Removes the sunset for the motion picture tax credit, which currently is set to expire after taxable year 2026, and expands and redesignates the tax credit as the content manufacturing tax credit. The bill increases the total amount of credits that can be allocated to taxpayers to $46.5 million beginning in fiscal year 2024; however, should less than $100 million worth of certain new investments, as described by the bill, occur in Virginia by January 1, 2027, the cap will be reduced to $10 million per fiscal year. The bill also amends the definition of the "qualifying expenses" eligible for the content manufacturing tax credit to mean certain amounts spent in connection with the production of an eligible project filmed in the Commonwealth. The bill defines "eligible project" to be the production of a motion picture or an episodic television series.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Ghazala F. Hashmi

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 15 • No: 0

Senate vote • 2/12/2024

Continued to 2025 in Finance and Appropriations

Yes: 15 • No: 0

Actions Timeline

  1. Left in Finance and Appropriations

    11/19/2024Senate
  2. Continued to 2025 in Finance and Appropriations (15-Y 0-N)

    2/12/2024Senate
  3. Impact statement from TAX (SB251)

    2/5/2024Senate
  4. Referred to Committee on Finance and Appropriations

    1/9/2024Senate
  5. Prefiled and ordered printed; offered 01/10/24 24101615D

    1/9/2024Senate

Bill Text

  • Introduced

    2/6/2024

Related Bills

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