Virginia Governor Signs Law Regarding Motion Picture Income Tax Credit, Film Production Sales Tax Exemption

The Virginia Governor April 9 signed a law regarding a motion picture tax credit and a sales tax exemption related to certain film production and distribution provisions for corporate income, individual income, and sales and use tax purposes. The law includes measures: 1) extending to Jan. 1, 2027, from Jan. 1, 2022, the sunset of the tax credit; 2) transferring the certifying authority for the credit to the Virginia Tourism Authority from the Virginia Film Office; and 3) extending to July 1, 2027, from July 1, 2022, the sunset for certain sales tax exemptions related to film production and distribution. ...