Content manufacturing tax credit; removes sunset for the motion picture credit, redesignates credit.

Content manufacturing tax credit. Removesthe sunset for the motion picture tax credit, which currently isset to expire after taxable year 2026, and expands and redesignatesthe tax credit as the content manufacturing tax credit. The billincreases the total amount of credits that can be allocated to taxpayers to $46.5 million beginning in fiscal year 2024; however, shouldless than $100 million worth of certain new investments, as describedby the bill, occur in Virginia by January 1, 2027, the cap will bereduced to $10 million per fiscal year. Thebill also amends the definition of the "qualifying expenses" eligiblefor the content manufacturing tax credit to mean certain amountsspent in connection with the production of an eligible project filmedin the Commonwealth. The bill defines "eligible project" to be theproduction of a motion picture or an episodic television series.