VIRGINIA

ENACTED LEGISLATION (Signed by the Governor)

April 30, 2010

For taxable years beginning on or after 1/1/2011, a production company may earn a refundable tax credit equal to 15% (20% if filmed in an economically distressed area of Virginia) of qualifying expenses when at least $250,000 is spent in Virginia.  A statewide cap of $2.5 million will apply to the 2010-2012 biennium, increasing to $5 million for any biennium thereafter. Qualifying expenses include goods and services leased or purchased as well as the first million dollars of compensation and wages per individual including loan outs.  A production company may earn an additional 10% of resident labor when the total production costs in Virginia are at least $250,000 but less than $1 million.  This additional credit is increased to 20% of resident labor if total production costs exceed $1 million in Virginia.

For more information please contact:

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

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