New 25% Incentive
On July 22, 2010, Gov. Bev Perdue signed into law legislation that provides for a true 25% tax credit not to exceed $20M (an approximate $80M in-state spend) on productions spending over $250,000 in qualified expenses within the state.
In addition to a higher per-project cap, an expansion of qualified expenses to include items such as fringe benefits, per diem, and living stipends has been defined and the corporate income tax on the incentive itself has been eliminated.
The new 25% film incentive is now in effect for a single production who report the qualified expenses on their tax return for the taxable year 2011.
Simple steps towards claiming your 25% tax credit:
- Complete the Intent to Film form and submit it to the North Carolina Film Office.
- Complete your production in North Carolina.
- Once the production has wrapped in North Carolina, submit the one-page form NC-415 to the Department of Revenue to trigger the auditing process by the North Carolina Department of Revenue.
- Receive your refundable tax credit upon completion of audit.
Legislative Language
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SL2010-147 Increases Film Incentive
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SL2010-89 Repeals corporate income tax
SL2010-147 Increases Film Incentive
SL2010-89 Repeals corporate income tax
Questions?
Contact Aaron Syrett, Director, NC Film Office
919.733.9900
