VA HB771 | 2024 | Regular Session
Status
Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: Introduced on January 9 2024 - 25% progression
Action: 2024-02-13 - Left in Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 9 2024 - 25% progression
Action: 2024-02-13 - Left in Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]
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. 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.
Title
Content manufacturing tax credit; removes sunset for the motion picture credit, redesignates credit.
Sponsors
| Del. Charniele Herring [D] | Del. David Reid [D] | Del. Terry Austin [R] | Del. Nadarius Clark [D] |
| Del. Paul Krizek [D] | Del. Destiny LeVere Bolling [D] | Del. Rodney Willett [D] |
Roll Calls
2024-02-09 - House - House: Subcommittee recommends laying on the table (6-Y 2-N) (Y: 6 N: 2 NV: 0 Abs: 1) [PASS]
2024-02-07 - House - House: Reported from Finance (13-Y 7-N) (Y: 13 N: 7 NV: 0 Abs: 2) [PASS]
2024-02-05 - House - House: Subcommittee recommends reporting (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-07 - House - House: Reported from Finance (13-Y 7-N) (Y: 13 N: 7 NV: 0 Abs: 2) [PASS]
2024-02-05 - House - House: Subcommittee recommends reporting (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-02-13 | House | Left in Appropriations |
| 2024-02-09 | House | Subcommittee recommends laying on the table (6-Y 2-N) |
| 2024-02-08 | House | Assigned App. sub: Commerce Agriculture & Natural Resources |
| 2024-02-07 | House | Referred to Committee on Appropriations |
| 2024-02-07 | House | Reported from Finance (13-Y 7-N) |
| 2024-02-05 | House | Subcommittee recommends referring to Committee on Appropriations |
| 2024-02-05 | House | Subcommittee recommends reporting (8-Y 0-N) |
| 2024-02-02 | House | Assigned Finance sub: Subcommittee #1 |
| 2024-01-09 | House | Referred to Committee on Finance |
| 2024-01-09 | House | Prefiled and ordered printed; offered 01/10/24 24104926D |
Same As/Similar To
SB251 (Similar To) 2024-02-12 - Continued to 2025 in Finance and Appropriations (15-Y 0-N)
