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.
2012 was another record breaking year for the North Carolina Film Industry. The NC Film Office says year end projections show productions had a direct in-state spend in excess of $376 million and created more than 4,100 crew positions for the state’s highly skilled workforce. Productions created nearly 20,000 job opportunities—including talent and background extra positions– for North Carolinians. These numbers are well above last year’s record breaking $220 million in spending and 3,300 crew positions. For more news articles on NC’s film industry 2012 in-state spends, click on the links to news stories below.
NC Film Office
NBC 17 article
Poyner Spruill congratulates EUE/Screen Gems Studios on bringing the filming of Iron Man 3 to Wilmington! We’re proud to have helped close the deal!
Gov. Bev Perdue said in a press conference today, “Iron Man 3′ will be made here in Wilmington, NC. How about that?” Gov. Perdue says with the film will come many economic advantages to the Cape Fear. “This is a great day for North Carolina.” Five-hundred-fifty jobs, all the other sub-jobs, the construction jobs, that’s what it’s all about to us here locally. But around the country and around the world it’s about North Carolina’s brand. Today we are Hollywood East, and it starts right here in Wilmington.” Shooting for the film will start in 2012 and ”Iron Man 3″ is scheduled to hit theaters May 2013.
About EUE/Screen Gems Studios
EUE/Screen Gems provides worldwide production, studios, sound stages and technological infrastructure and support for major motion pictures, films, commercials and television shows and television series. EUE/Screen Gems Studios North Carolina has a total of 150,000 square feet of column-free studio stage space, and is comparable to any major studio in the country. Based in Wilmington, North Carolina, this 50-acre film and television production complex has 10 sound stages, two special effects water tanks and 30,000 square feet of office space. Why go to Los Angeles if you don’t have to? We don’t have an answer for that because we know where you should be. We also know that our studios offer the convenience of the east coast, full-access to our lighting and grip inventory and the advantages of all of our amenities.