Virginia Senate Bill 520 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 12 2022 - 25% progression, died in committee
Action: 2022-11-21 - Left in Finance and Appropriations
Pending: Senate Finance and Appropriations 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.

Sen. Louise Lucas [D]

2022-02-08 - Senate - Senate: Continued to 2023 in Finance and Appropriations (14-Y 1-N) (Y: 14 N: 1 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2022-11-21	Senate	Left in Finance and Appropriations
2022-02-08	Senate	Continued to 2023 in Finance and Appropriations (14-Y 1-N)
2022-01-12	Senate	Referred to Committee on Finance and Appropriations
2022-01-12	Senate	Prefiled and ordered printed; offered 01/12/22 22102572D

SB520 (Carry Over) 2022-02-08 - Continued to 2023 in Finance and Appropriations (14-Y 1-N)

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?231+sum+SB520
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+SB520+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+SB520F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+S05C0083+SB0520