Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...
By Che Odom
The Showtime television show “Homeland” will be eligible for up to $6.5 million in state tax credits for shooting its seventh season this year in Virginia.
The credits, as well as $700,000 of grant money available from the governor’s Motion Picture Opportunity Fund, are essential to luring producers to the state, Andy Edmunds, director of the Virginia Film Office, told Bloomberg BNA.
“Completely essential, the phone would not ring otherwise,” Edmunds said. “Incentives are a fundamental part of the budgeting process for content manufacturing companies.”
“Homeland,” which stars Claire Danes and Mandy Patinkin, will receive credits and grant money commensurate to the amount of spending and jobs it creates in the state. The deal is effective July 11, when the arrangement was announced by Gov. Terry McAuliffe (D) in a news release, and will run through May 2018.
In addition to the incentive funds, the state also has a sales and use tax exemption that applies to the purchase of production-related supplies and equipment. Hotel stays of a limited period are also exempt from state sales tax and some local lodging taxes.
“Homeland” is leaving New York, where it filmed its sixth season.
Virginia’s film industry is growing, state officials say. In April, McAuliffe announced that the upcoming feature film “Juanita,” starring Alfre Woodard and Blair Underwood, would be filming in the state. The production company is eligible to receive credits and up to a $550,000 grant from the Governor’s Motion Picture Opportunity Fund.
The exact amount of each is based on several factors, including the number of Virginia workers hired, Virginia goods and services purchased, and deliverables including Virginia tourism promotions.
The economic impact of Virginia’s content manufacturing industry in 2015 was $615.6 million, providing $24.3 million in state and local tax revenue for the Commonwealth. It also brought in 3,883 full time jobs.
To contact the reporter on this story: Che Odom at COdom@bna.com
To contact the editor responsible for this story: Jennifer McLoughlin at email@example.com
Copyright © 2017 Tax Management Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)