07.12.2010

Early Saturday morning, July 10th, the NC General Assembly passed HB 1973 and HB 713 that relate to the NC film and television production credit. HB 1973 increases the per project cap to $20 million (was $7.5 million) and defines employee fringe contributions, including health, pension and welfare contributions as qualifying expenses. HB 1973 also defines per diems, stipends, and living expenses as qualifying expenses. 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.