Virginia boosts incentives for filmmakers
Washington Business Journal - by Jeff Clabaugh
Virginia Gov. Bob McDonnell Monday officially signed into law two bills that will help the Commonwealth compete for film and television productions.
One bill creates Virginia’s first-ever tax credit for the film industry. Another increases from $200,000 to $2 million funding for the governor’s Motion Picture Opportunity Fund for fiscal year 2011.
Both are designed to lure the production of film, television, documentaries and digital media to Virginia.
“These measures … are smart investments to create jobs and raise revenue through economic growth,” McDonnell said at the signing in Richmond. “Virginia has so much to offer with its rich history and natural beauty, and it is critical that we capitalize on this to attract new motion picture productions to the state.”
Under the legislation, production companies can apply for tax credits on money spent on labor, goods and services in the state.
Virginia joins 42 other states and the District with similar incentives. The tax credits will take effect January 2011.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment