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NORTH CAROLINA
July 12, 2010
NORTH CAROLINA
Two bills have been sent to the Governor for her signature. The first bill increases the per project cap for a feature film to $20 million dollars from $7.5 million dollars; eliminates the 15% and alternative credit; establishes a 25% film incentive; expands the definition of qualifying expenses to include employee fringe contributions, including health, pension and welfare contributions; and includes per diems, stipends, and living expenses paid for work being performed in North Carolina as qualifying expenses. The qualifying expenses are subject to audit by the Secretary of Revenue before the credit is allowed. The second bill eliminates the 6.9% corporate income tax on the amount of the incentive earned by the production company. As a result, the production company is now able to realize the full 25% of qualifying expenses.
The Governor is expected to sign the bills soon.
For more information please contact:
Joe Bessacini
Vice President, Film & TV Production Incentives
818-480-4427
jbessacini@castandcrew.com
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