SB 445 — Reinstating film investment tax credit

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Red = new code to be enacted WEST virginia legislature regular session IntroducedCommittee Substitute for Senate Bill 445 By Senators Rucker, Stollings, Woelfel, Baldwin, Grady, Hamilton, and GradyUnger [Introduced[Originating Februaryin 25,the 2021;Committee on Economic Development;

referredreported on March 4, 2021]     A BILL to amend and reenact §11-13X-3, §11-13X-4, §11-13X-5, §11-13X-6, §11-13X-8, §11-13X-11, §11-13X-12, and §11-13X-13 of the CommitteeCode onof EconomicWest Development;Virginia, 1931, as amended, all relating to the West Virginia Film Industry Investment Act;

and then to the Committee on Finance] A BILL to amend and reenact §11-13X-3, §11-13X-4, §11-13X-5, §11-13X-6, §11-13X-8, §11-13X-11, §11-13X-12, and §11-13X-13 of the Code of West Virginia, 1931, as amended, all relating to the West Virginia Film Industry Investment Act;

providing Development Office discretion to determine if project negatively portrays West Virginia;

--­– When used in this article, or in the administration of this article, terms defined in subsection (b) of this section have the meanings ascribed to them by this section, unless a different meaning is clearly required by the context in which the term is used.

--– (1) “Commercial exploitation” means reasonable intent for public viewing for the delivery medium used.

and (F) Does not contain content that,that inportrays the solestate discretion of theWest developmentVirginia office,in negativelya portrayssignificantly thederogatory statemanner. of West Virginia.

 in a significantly derogatory manner.

--– The amount of credit allowed to every eligible company, except as provided in subsection (b) of this section, is 27 percent.

--– Any amount allowed in subsection (a) of this section shall be increased by an additional four percent if the eligible company, or its authorized payroll service company, employs 10 or more West Virginia residents as part of its full-time employees working in the state or as apprentices working in the state.

--– The tax credit allowed under this section shall be applied to the eligible company’s state tax liability as provided in §11-13X-7 of this code.

--– No more than $5 $10 million of the tax credits may be allocated by the film development office in any given West Virginia state fiscal year:

(1) A single transfer or sale may involve one or more transferees, assigneesassignees, or purchasers.

A transfer or sale of the credits may involve multiple transfers to one or more transferees, assigneesassignees, or purchasers;

The application for sale, transfer or assignment of the credit shall include the transferor’s tax credit balance prior to transfer, the credit certificate number, the name of the seller, the transferor’s remaining tax credit balance after transfer, if any, all tax identification numbers for both transferor and transferee, the date of transfer, the amount transferred, a copy of the credit certificatecertificate, and any other information required by the film development office or the Tax Commissioner.

(f) The transferee, assigneeassignee, or purchaser shall apply such credits in the same manner and against the same taxes as specified in this article.

(a) Beginning on the first day of the third taxable year after the passage of this article and every two years thereafter, the film development office shall submit to the Governor, the President of the SenateSenate, and the Speaker of the House of Delegates a tax credit review and accountability report evaluating the cost effectiveness of the Film Industry Investment Act during the most recent two-year period for which information is available.

(b) The West Virginia Development Office shall coordinate with property owners, musicians, and other performers, and other managers of resources suitable for film productionproduction, to develop a database of locations, music, and other resources available for incorporation into film projects.

Effective date, elimination of film tax credits, preservation of film tax credits earned prior to the sunset date;

elimination of film tax credits, preservation of film tax credits earned prior to the sunset date;

(e) The amendments to this article enacted in the year 20212021, shall apply to all taxable years beginning after December 31, 2017, and shall apply with retroactive effect with relation to taxable years beginning prior to the date of passage of such amendments.

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