N.C. Continues to Improve Film Incentive
Arts & Culture
Tags: film industry, north carolina
By: Staff Writers
August 13, 2010 0
According to the N.C. Film Office, the state’s General Assembly has passed two important pieces of legislation making North Carolina film incentives among the best in the country.
The bills include the following changes:
HB 1973:
• Eliminates the 15% and Alternative Film credit.
• Creates a single, easy to use 25% film Incentive.
• Increases per project cap to $20 million (was $7.5 million).
• Defines employee fringe contributions, including health, pension and welfare contributions as qualifying expenses.
• Defines per diems, stipends, and living expenses as qualifying expenses.
• Expenditures made in 2010 that are claimed on a return for a taxable year starting on or after Jan 1. 2011 will qualify.
HB 713:
• Eliminates the 6.9% corporate income tax on the incentive taken by a production company. This allows the production company to realize a full 25% of qualifying expenses.
The North Carolina film incentive has a low minimum spend requirement of $250,000 and allows $1 million of each person wages and compensation to qualify.
The North Carolina Film Office is a state agency in the Division of Tourism, Film and Sports Development in the North Carolina Department of Commerce. It was founded in 1980 by Governor James B. Hunt and is a member of the Association of Film Commissioners International.
The office promotes North Carolina as a location for television, motion picture and advertising productions. Working in cooperation with state agencies and six regional film commissions, the Film Office assists filmmakers by providing services that include custom location packages, scouting assistance and permitting guidance.
Over the past 27 years, more than 800 films and 15 television series and numerous documentaries and commercials have been made possible with the assistance of the North Carolina Film Office.
Saturday, August 14, 2010
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