07.23.2010

On Thursday, July 22, Perdue signed into law House Bill 1973, which includes a tax credit for the interactive digital media industry. In addition to interactive media, the measure Perdue signed also provides tax credit incentives for the creation of eco-industrial parks and sweetens the state’s credit for film production companies, increasing the cap on qualified expenses from $7.5 million to $20 million.

“This was a result of a lot of hard work by a lot of dedicated, passionate people,” said Wayne Watkins, project manager for Wake County Economic Development.

Under the provision, producers will be granted a credit of 15 percent (20 percent if they are working in tandem with a university or community college) on all development costs exceeding $50,000. The credit can’t exceed $7.5 million.

Louisiana, Georgia, Florida, and Virginia have all enacted similar provisions within the last 18 months, according to Watkins.

*Source: Triangle Business Journal