VIRGINIA

PROPOSED LEGISLATION (STILL IN THE HOUSE OR SENATE)

JANUARY 31, 2010

The proposed legislation looks to make major changes to the state film incentive program.  The bill would implement a tax credit equal to 15% of qualifying expenses or 20% of such expenses if the production is filmed in an economically distressed area of Virginia.  The production company may earn an additional credit equal to 10% of the total aggregate payroll for Virginia residents working on a production if total in-state production costs are between $250,000 and $1 million or 20% of the total aggregate payroll for Virginia residents working on a production when total in-state production costs exceed $1 million.  The first $1 million of compensation for each resident and nonresident will qualify.  There is an in-state minimum spend requirement of at least $250,000.  The current version of the bill includes a  state cap equal to $5 million per biennium but this may be changed to "as appropriated".

For more information please contact:

Joe Bessacini
Vice President, Film & TV Production Incentives
818-480-4427
jbessacini@castandcrew.com

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