Virginia House Bill 589 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 11 2022 - 25% progression, died in committee
Action: 2022-02-07 - Continued to 2023 in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

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.

Income tax, state; motion picture production tax credit.

Del. Don Scott [D]

Del. Jackie Glass [D]

Date	Chamber	Action
2022-02-07	House	Continued to 2023 in Finance by voice vote
2022-02-04	House	Subcommittee recommends continuing to 2023 by voice vote
2022-01-20	House	Assigned Finance sub: Subcommittee #1
2022-01-11	House	Referred to Committee on Finance
2022-01-11	House	Prefiled and ordered printed; offered 01/12/22 22102951D

HB589 (Carry Over) 2022-02-07 - Continued to 2023 in Finance by voice vote

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.12:03	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+HB589
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+HB589+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+HB589F161+PDF