Sen. Chris Head

Commending John Ray Grisham, Jr.

Commending the Honorable Dr. Luke E. Torian.

Commending Margaret L. Sanner.

Virginia Tourism Authority; Governor's MajorEntertainment Opportunity Fund. Renames the Governor's MotionPicture Opportunity Fund under the Virginia Tourism Authority as the Governor's Major Entertainment Opportunity Fund and changes itspurpose from supporting the film and video industries in Virginiato supporting major entertainment events not regularly scheduled inVirginia by providing the means for attracting entertainment operationsand projects with spectators or participants in the Commonwealthusing Virginia employees, goods, and services.

Family caregiver tax credit. Creates a nonrefundable income tax credit for taxable years 2024 through 2028 for expensesincurred by an individual in caring for an eligible family member,defined in the bill, who requires assistance with one or more activitiesof daily living, also defined in the bill. The credit equals 50 percentof eligible expenditures incurred by the caregiver up to $1,000. In order to qualify for the credit, the family caregiver must (i) notreceive any compensation or reimbursement for the eligible expendituresand (ii) have federal adjusted gross income that is no greater than$100,000 for an individual or $200,000 for married persons. The billrequires the Tax Commissioner to establish guidelines for claimingthe credit and provides that any unused credit may be carried forwardby the taxpayer for five taxable years following the taxable yearfor which the credit was issued.

Virginia Museum of Transportation; established. Establishes the Virginia Museum of Transportation as a public entityand educational institution under the Commonwealth. The bill providesthat the Museum is governed by a 15-member board of trustees.

Family caregiver tax credit. Creates a nonrefundableincome tax credit for taxable years 2024 through 2028 for expensesincurred by an individual in caring for an eligible family member,defined in the bill, who requires assistance with one or more activitiesof daily living, also defined in the bill. The credit equals 50 percentof eligible expenditures incurred by the caregiver up to $1,000. Inorder to qualify for the credit, the family caregiver must (i) notreceive any compensation or reimbursement for the eligible expendituresand (ii) have federal adjusted gross income that is no greater than$100,000 for an individual or $200,000 for married persons.

Tire stewardship program established; report.Requires producers of tires sold in the Commonwealth to join a tirestewardship organization on or before January 1, 2026, which mustsubmit a plan to the Department of Environmental Quality for theestablishment of an approved tire stewardship program. Such tirestewardship program shall establish a statewide collection systemfor discarded tires to facilitate higher rates of recycling and resalefor such tires. The bill establishes reporting requirements for tirestewardship organizations and provides that the Office of the AttorneyGeneral may, at the request of the Department, enforce the provisionsof the bill.

Securities Act; digital tokens; exemption.Provides that an issuer or seller of a digital token, as definedin the bill, shall be exempt from the registration requirements ofthe Securities Act if (i) the digital token cannot be consideredan investment contract, as defined in the bill; (ii) the primarypurpose of the token is consumptive, as defined in the bill; (iii)the issuer or seller of the digital token did not market the digitaltoken to the initial buyer as a financial investment; and (iv) atleast one of four additional criteria are satisfied. The bill requiresan issuer or seller of a digital token to file a notice of intentwith the State Corporation Commission prior to qualifying for suchexemption. The bill also requires the Commission to make a noticeof intent form available on its website for this purpose and permitsthe Commission to promulgate rules as necessary to implement theprovisions of the bill.

Commending Sandra Gioia Treadway.