LIEUTENANT GOVERNOR BOLLING AND OSCAR WINNER SISSY SPACEK CALL FOR SUPPORT OF FILM INCENTIVE LEGISLATION
- Encourages legislature to pass tax credits for film production and increase in Governor's Motion Picture Opportunity Fund-

From the Office of the Lieutenant Governor

February 16, 2010

Contact: Ibbie Hedrick
Phone: 804-786-2078
Cell: 804-677-0009
Email: Ibbie.Hedrick@ltgov.virginia.gov

RICHMOND - Lieutenant Governor Bill Bolling and Oscar winning actress Sissy Spacek today announced their support for increased film production incentives including motion picture film production tax credits and increased funding for the Governor's Motion Picture Opportunity Fund as part of the McDonnell/Bolling Jobs and Opportunity Agenda.

At this morning's press conference, Bolling encouraged the General Assembly to pass SB257 (Lucas) / HB861 (Cline) which provides income tax credits to any motion picture production company with qualifying expenses of at least $250,000 with respect to film production in the Commonwealth for taxable years beginning on or after January 1, 2010. Total credits allowed for any biennium cannot exceed $5 million.

"A vital film industry can have a significant economic impact for Virginia. Unfortunately, Virginia cannot currently compete with incentive programs in neighboring states. Without competitive incentives, Virginia's film industry will continue to decline and we cannot let that happen," said Bolling.

"If we had a competitive incentive program it could put us in a position to dominate this industry on the East Coast. Films create jobs, films excite tourism, and films bring millions of dollars to the small businesses of the state," said Spacek.

Bolling also encouraged support of a budget amendment introduced by the Governor to increase funding for the Governor's Motion Picture Opportunity Fund by $2 million.

According to the Virginia Film Office, the economic impact of the film industry since 1980 is greater than $4 billion. The industry supports more than 4,000 workers and impacts numerous other industries such as hotels, rental companies, hardware stores and caterers, and for every dollar Virginia spends the film industry produces a 14:1 return on investment in terms of economic impact for the Commonwealth.

In 2007, the film industry produced $614M in economic impact to Virginia, ranking 11th nationally. In 2008, production in Virginia declined by 43% to $377M and fell to 18th nationally.

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