June 15, 2010
Gov. Bob McDonnell is celebrating Virginia's first law giving the tax credits to the motion picture industry.
McDonnell ceremonially signed the legislation on Monday. The law is designed to recruit the production of television, film, documentaries and interactive digital media to Virginia.
Under the legislation, qualified companies can apply to receive tax credits based on money spent in Virginia on labor, goods and services. Virginia's new tax credit legislation will take effect in January 2011.
The governor's office says the production of filmed entertainment has been responsible for economic impact of more than $4 billion since 1980. In 2008, the industry employed 4,000 Virginians with a total economic impact of $378 million.