HB2773 HFIN FBM                         HOUSE COMMITTEE ON FINANCE

FLOOR BOOK MEMO

H. B. 2773 (H. B. 2773 Relating to the West Virginia Film Industry Investment tax credit.)

Sponsors:          Delegates Espinosa, Overington, Storch, Skinner, Ashley, and Upson

Attorney:           JHJ 

Date:                    February 20, 2015 

Title:                    Ok

Fiscal Note:      No

Code:                    §11-13X-3 and 11-13X-5 (amend)

Purpose: The bill would amend the West Virginia Film Industry Investment Tax Credit. The bill would amend definitions to reflect current industry practice and to make a broader range of projects eligible, including mini-series and pilots. The bill would reduced the amount of tax credit available for allocation by the Film Office from $5 million to $3 million, and set the percent of expenditures for calculation of the tax credit at 25% of qualified expenditures, plus an additional 5% for those projects hiring more than 10 West Virginia residents.

Committee Action: The Committee on Finance reported a committee substitute. The bill, as introduced, kept the allocation amount for total credits at $5 million, and set the percentage of qualified expenditures for calculation of the credit as 25%, plus an additional 10% for projects utilizing more than 10 state residents. Current code uses 27% as the base credit, with an additional 4% for hiring 10 or more residents.

Effective Date:           Regular