Virginia legislation · 2026 Regular Session
Virginia SB612: An Act to amend and reenact § 58.1-439.12:03 of the Code of Virginia, relating to motion picture production income tax credit; sunset.
Status: Chaptered, April 13, 2026
Motion picture production tax credit; sunset extended. Extends the motion picture production tax credit sunset date from taxable year 2026 to taxable year 2030. This bill is identical to HB 400.
What the bill says
An Act to amend and reenact § 58.1-439.12:03 of the Code of Virginia, relating to motion picture production income tax credit; sunset. [S 612] Approved April 13, 2026 1. That § 58.1-439.12:03 of the Code of Virginia is amended and reenacted as follows: § 58.1-439.12:03. Motion picture production tax credit. A. For taxable years beginning on and after January 1, 2011, but prior to January 1, [DELETED: 2027] 2031, any motion picture production company with qualifying expenses of at least $250,000 with respect to a motion picture production filmed in Virginia shall be allowed a refundable credit.
From the enrolled text, April 13, 2026:
An Act to amend and reenact § 58.1-439.12:03 of the Code of Virginia, relating to motion picture production income tax credit; sunset. [S 612] Approved April 13, 2026 1. That § 58.1-439.12:03 of the Code of Virginia is amended and reenacted as follows: § 58.1-439.12:03. Motion picture production tax credit. A. For taxable years beginning on and after January 1, 2011, but prior to January 1, [DELETED: 2027] 2031, any motion picture production company with qualifying expenses of at least $250,000 with respect to a motion picture production filmed in Virginia shall be allowed a refundable credit against the taxes imposed by § 58.1-320 or 58.1-400 in an amount equal to 15 percent of the production company's qualifying expenses or 20 percent of such expenses if the production is filmed in an economically distressed area of the Commonwealth. The Virginia Economic Development Partnership Authority shall designate which areas of the Commonwealth are deemed to be economically distressed areas. The credit shall be computed based on all of the taxpayer's qualifying expenses incurred with respect to the production, not just the qualifying expenses incurred during the taxable year. The refundable tax credits allowed under this section are for one tax year only. Where a motion picture production continues for more than one year, a separate application for each tax year the …