Virginia Agreement to Produce Motion Picture

State:
Multi-State
Control #:
US-02592BG
Format:
Word; 
Rich Text
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Description

The Film Producer is charged with managing the expenses, organization, and all decisions involved in producing the film itself. It is the Film Producer that conceives of an idea for a film, hires a Director, makes casting decisions, and decides on the film crew and locations. The Producer is the primary authority overseeing the all aspects of the production of a film, and its progress.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Agreement to Produce Motion Picture
  • Preview Agreement to Produce Motion Picture
  • Preview Agreement to Produce Motion Picture

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FAQ

What is it? An income tax credit equal to 15% of your federal Earned Income Tax Credit. The credit is refundable. The credit will be available beginning with your 2022 Virginia income tax return (usually filed during 2023).

A production company with production costs in the Commonwealth of more than $1 million may claim an additional credit equal to 20 percent of the total Virginia resident aggregate payroll.

Companies may also be eligible for credits of: 10% of the payroll of Virginia residents employed in the production, (20% if the production's expenses are greater than $1 million); and. 10% of the payroll of Virginia residents employed as first-time actors or first-time members of a production crew.

The Virginia Film Office brings jobs and revenue to the Commonwealth by marketing the state as a location for film, television, and commercial production and by supporting and fostering Virginia's in-state production industry.

The tax credit amount is determined separately for each energy property or facility. The taxpayer that owns the credit-generating property generally makes the Transfer Election. Credits may be sold only once, and after a credit has been sold, the buyer may not resell the credit.

You can claim a credit of up to $50,000 on your return, not to exceed your tax liability. Carry forward any unused credits for 15 years. Claim the credit against the following taxes administered by Virginia Tax: individual income tax.

September 15, 2023 The General Assembly passed a law giving taxpayers with a tax liability a rebate of up to $200 for individual filers and up to $400 for joint filers. Eligible taxpayers must have filed by November 1, 2023 to receive the rebate.

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Virginia Agreement to Produce Motion Picture