New 25% Film Incentive

 

Governor Bev Perdue signed into law House Bill 1973 and House Bill 713 that creates the following changes to the North Carolina Film Incentive:

HB 1973:
Creates a single, easy to use 25% film Incentive.
Eliminates the 15% and Alternative Film credit.
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.

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.

Procedure for claiming the incentive remains the same:

     1. Complete the Intent to Film form and submit it to the North Carolina Film Office.
     2. Complete your production in North Carolina.
     3. Once the production has wrapped in North Carolina, submit the one-page form NC-415 to
     0. the North Carolina Department of Revenue to begin the auditing process.
     4. Receive your refundable tax credit upon completion of audit. 

Downloads:
North Carolina Film Incentives (PDF)