Legislation

In 2010, Governor Bev Perdue signed into law House Bill 1973 and House Bill 713 that creates the following changes to the North Carolina Film Refundable Tax Credit:

HB 1973:

  • Creates a single, easy to use 25% film refundable tax credit.
  • Eliminates the 15% and Alternative Film credit.
  • 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.

HB 713:

  • Eliminates the 6.9% corporate income tax on the tax credit taken by a production company. This allows the production company to realize a full 25% of qualifying expenses.

In 2012, Governor Bev Perdue signed into law Senate Bill 847 that changed the following to the North Carolina Film Refundable Tax Credit:

SB 847:

  • Extends the sunset date to January 1, 2015

 

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