North Carolina General Assembly passed two important pieces of legislation to make the North Carolina film incentive among the best in the country.

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.