A study, commissioned by the Wilmington Regional Film Commission this past September, with the assistance of other state entities, is being conducted by researchers at N.C. State University. This study looks at the film industries financial impact on the state. The current film incentive, which has a “sunset” expiration date at the end of 2014, gives qualifying productions a 25 percent refundable tax credit on money spent on certain services in the state. Read the full article from Star News Online here.
So far in 2013, the North Carolina Film Office reports a production total of $250 million in direct in-state spending and 25,000 job opportunities for North Carolinians.
From the North Carolina Film Office website, “The mid-year figures are a strong follow-up to 2012’s record-breaking year-end totals, which showed more than $376 million in direct in-state spending over 4,100 production days. The activity created nearly 20,000 job opportunities, including more than 4,100 crew positions.”
To read the entire article, click here.
Legislation passed by Congress on Tuesday, to avert a fiscal cliff, includes the extension of a tax provision that is designed to boost U.S. film and TV production.
The provision allows producers to immediately deduct the first $15 million of production costs if 75% occurs in the U.S., allowing investors the option of writing off expenses in the year it occurs. The provision has been extended until December 31, 2013.
For more on this provision, read an article by Ted Johnson of Variety.