Refundable Tax Credit & Grant Information

North Carolina is currently transferring from a 25% refundable tax credit to a $10 million grant program. The 25% refundable tax credit is in effect for a single production who report the qualified expenses made before or on December 31, 2014 on their tax return beginning with the taxable year 2011.  Funds from the $10 million grant will serve as a rebate of up to 25% on qualified expenses/purchases of productions and will be available at the start of 2015.

 

SUMMARY OF NORTH CAROLINA INCENTIVES AVAILABLE TO PRODUCTIONS

Incentive Type

25% refundable tax credit  (good on qualified spending thru 2014)

$10M Grant with 25% rebate  (available starting Jan 2015)*

Per Project Cap

$20 million (television series are not subject to per project cap)

$5 million for feature films

$5 million for video television series per season

$250,000 for commercials

Minimum Spend

$250,000

$5 million for feature  films

$250,000 per episode for video or television series

$250,000 for commercials

Annual Cap

No cap $10 million (one-time allocation as part of 2014-15 FY budget)

Qualified Labor

First $1 million of each resident & nonresident qualify First $1 million of each resident & nonresident qualify

Loan Out Withholding

Yes. 4% Yes. 4%

Audit

North Carolina pays for the audit NC-licensed independent certified public accountant to perform audit at cost to the production

Screen Credit Required

Yes Yes, including a logo to be supplied by NC Film Office

Qualifying Expenses

Goods / Services / Compensation & Wages / Production-Related Insurance / Fringes / Per Diems / Living Expenses & Stipends Goods / Services / Compensation & Wages / Production-Related Insurance / Fringes / Per Diems / Living Expenses & Stipends

Qualifying Productions

Feature Films / Direct-to-Video / Episodic Television Series / Movies of the Week / Television Mini-Series / Reality Television / Commercials / Documentaries / Animation Productions / Webisodes Feature Films / Direct-to-Video / Episodic Television Series / Movies of the Week / Television Mini-Series / Reality Television / Commercials / Documentaries / Animation Productions / Webisodes

Application

File Intent to Film online form prior to start of production
Complete online application for review (application and guidelines currently being finalized)*

State-Owned Property

Fee-free usage Fee-free usage

Sunset Date

January 1, 2015 Funds allocated as part of FY 2014-15 state budget with rights to award for up to 3 years

Enacted Bill Numbers

H 1973 (SL 2010-147); H 713 (SL 2010-89); S847 (SL 2012-194) S 744 (SL 2014-100)

 

Click here to download our information booklet and learn more about the 25% refundable tax credit

*Guidelines and additional information on the upcoming program are being developed at this time and will be posted online once available