McDonnell signs film tax credit legislation

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Gov. Bob McDonnell today ceremonially signed into law legislation that creates tax credits for the motion picture industry.
He used the signing ceremony to highlight a budget amendment he requested during the past General Assembly session, which increased the Governor’s Motion Picture Opportunity Fund from $200,000 to $2 million for the 2011 fiscal year.
Under the tax-credit legislation, which will take effect in January, film production companies can receive credits based on money spent in Virginia on labor, goods and services.  Forty-two states and the District of Columbia have enacted similar tax credits.
The signing ceremony was held at held at St. John’s Church in Richmond, the recent site for the filming of “Keepers of the Flame,” a documentary by actor and director Tim Reid about the contributions of notable Virginians. Patrick Henry made his famous “Give Me Liberty” speech at St. John’s in 1775.

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