Motion Picture Program contributions

From the 2024 DOR Tax Exemption Study

82.04.4489 - Motion Picture Program contributions Description Businesses making contributions to the Washington motion picture competitiveness program may earn a B&O tax credit equal to 100% of the contributions, with an annual cap of $1 million for each contributor. The total statewide credit cap is $15 million a year. No credit may be earned for contributions made after June 30, 2030. Purpose To support the motion picture industry and encourage production of motion pictures, television programs, and commercials in Washington. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $15.000 $15.000 $15.000 $15.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this credit would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $13.800 $15.000 $15.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - The statewide credit cap of $15 million will be reached annually, based on historical data. Data Sources - Department of Revenue, Excise tax data Additional Additi