Virginia motion picture tax credit legislation
Governor Bob McDonnell Monday officially signed two bills: SB257, and HB861 designed to recruit the production of television, film, documentaries and interactive digital media to Virginia. McDonnell also highlighted a budget amendment he requested during the 2010 session which increases funding to the Governor’s Motion Picture Opportunity Fund from $200,000 to $2 million for FY 2011.
Lieutenant Governor Bill Bolling, members of the Virginia General Assembly and noted local actor and director Tim Reid attended the signing ceremony held at St. John’s Church in Richmond, the recent site for the filming of Keepers of the Flame, a documentary celebrating the contributions of Virginians who are shining examples of those dedicated to justice, liberty and democracy. Reid, the film’s director, is the founder of New Millennium Studios in Petersburg, and an award-winning actor currently appearing in the acclaimed HBO mini-series Treme.
McDonnell commented, “These measures are important parts of our goal to increase film production in the Commonwealth. They are smart investments to create jobs and raise revenue through economic growth and help us showcase the Commonwealth to the film industry.”
Lieutenant Governor Bill Bolling noted, “With a little effort, we can establish Virginia as one of the best locations on the East Coast to produce everything from full length motion pictures to TV commercials and everything in between.”
Tim Reid commented, “This tax credit legislation is a momentous step towards giving the state the kind of strong and vibrant media industry it deserves.”
Under the legislation, qualified companies producing film, television, documentaries or interactive digital media can apply to receive tax credits based on money spent in Virginia on labor, goods and services.
Notable films made in Virginia include: Dirty Dancing; John Adams; What About Bob; Dave; and GI Jane.
Posted By Valerie Garner
Categories: Business, Politics, State Politics
Tags: budget, governor, legislators, Lt_Governor