Virginia Senate Bill 251 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on January 9 2024 - 25% progression, died in committee
Action: 2024-02-12 - Continued to 2025 in Finance and Appropriations (15-Y 0-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]

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.

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

Sen. Ghazala Hashmi [D]

Sen. Christie New Craig [R]

Sen. Lamont Bagby [D]

Sen. Todd Pillion [R]

2024-02-12 - Senate - Senate: Continued to 2025 in Finance and Appropriations (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2024-02-12	Senate	Continued to 2025 in Finance and Appropriations (15-Y 0-N)
2024-01-09	Senate	Referred to Committee on Finance and Appropriations
2024-01-09	Senate	Prefiled and ordered printed; offered 01/10/24 24101615D

SB251 (Carry Over) 2024-02-12 - Continued to 2025 in Finance and Appropriations (15-Y 0-N)
HB771 (Similar To) 2024-02-13 - Left in Appropriations

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?241+sum+SB251
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB251+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?241+oth+SB251F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?241+vot+S05V0322+SB0251