VA SB612

Extends Virginia's motion picture production tax credit sunset date from January 1, 2027, to January 1, 2031, allowing the program to continue for an additional four years

The credit provides 15% of qualifying expenses for productions with at least $250,000 in expenses, or 20% for productions filmed in economically distressed areas

Additional credits of 10-20% of payroll for Virginia residents are available based on total production costs, plus 10% for first-time Virginia actors and crew members

Annual cap on total credits allocated remains at $6.5 million per fiscal year

Productions must enter a memorandum of understanding with the Virginia Tourism Authority and meet specific criteria including employment of Virginia residents and impact on local businesses