New media and technology innovation; establishes income tax credit.

Establishes a new media and technology innovation income tax credit, starting with taxable year 2019, which is a nonrefundable tax credit for expenses related to producing in Virginia commercial advertisements, digital interactive media productions, and episodic television series. The bill allows a company to submit a single application for a project covering multiple tax years and requires such company to make available a third-party audit of its project-related expenses.