StarNews: NC Senate OKs bill converting film credit to grant


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Submitted: Tue, 06/10/2014 - 1:48am
Updated: Tue, 06/10/2014 - 12:18pm
By:

Molly Parker
Molly.Parker@StarNewsOnline.com

With no discussion, the state Senate gave third and final approval to a bill that would convert North Carolina’s film tax credit program into a grant program, sending the measure to the House.

The measure, which also creates a public-private partnership for economic development, passed overwhelmingly with only seven senators voting against it.

The new program would have a $20 million budget for the 2014-15 fiscal year allocated from two state reserve funds. According to legislative staff, that compares to the roughly $60 million in tax credits paid out during the 2012-2013 fiscal year. The current film incentives package allows productions that spend at least $250,000 in the state to claim 25 percent of their qualifying expenses up to $20 million.

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6 Comments on "StarNews: NC Senate OKs bill converting film credit to grant"


Vog46
2015 years 8 months ago

another media outlet is reporting this same story but adding: “and does not mention the state’s film incentives program, which is set to expire at the end of 2014. According to a release from House Speaker Thom Tillis’ office, the proposal will be heard by budget subcommittees on Tuesday, and the full House Appropriations Committee on Wednesday.”

Interesting……..

Vog

Vog46
2015 years 8 months ago

Just a reminder……The state House has proposed $1,000 state employee wage hikes and teacher raises of 5% without loss of tenure – again, totally different that McSmirky’s or the Senate’s proposals.
I have yet to hear what the house thinks of film incentives/grants.

Vog

SurfCityTom
2015 years 8 months ago

currently being reviewed has no provisions for the film incentives.

The poorly conceived bill submitted by Ms Hamilton and others continues to sit in committee. Apparently the Governor’s proposal has fallen by the wayside.

The Senate version includes the film grant proposal. That proposal allocates a specific number of dollars; and indicates where those dollars are coming from. In reality, if approved, first come, first served until the funds are used up.

What apparently rankles the film industry family is that the Senate version is for 1 year; and will require action next session to continue beyond the 2014/2015 fiscal year.

In uncertain economic times, anyone expecting a never ending flow of state dollars for incentives is out of touch with reality.

One would imagine the film industry family and supporters have 1 of 2 options. 1 — get behind the Senate proposal; lobby in Raleigh aggressively to get this pushed through; build the case for continued incentives or grants; and lobby hard throughout the state until the next session convenes. 2 — continue to scream the doom and gloom mantra and bite the hands that would feed them.

From what I’ve read since the Senate proposal surfaced, they’re continuing with Option 2.

That’s the way government works.

As an aside, the House and Senate versions also differ on Medicaid reform and funding.

SurfCityTom
2015 years 8 months ago

you did not read the bill. Guess you want it spoon fed to you.

It provides a better incentive than the Governor’s proposal which surprised me.

There is a limit on the number of dollars which will be available. Some of the supporters should realize this is a far cry better than many anticipated.

This is good for 1 fiscal year. Next year, do a better job of lobbying.

Funds will be there this year. Anyone thinking that sunset date at year end should be replaced with a never ending date, must be smoking some wicked stuff.

Now it’s up to the film industry to show how this benefits all of NC and not just a tiny segment of the populace.

ChefnSurf
2015 years 8 months ago

Nicholas Sparks film ‘The Longest Ride’ to start Wilmington shoots Monday.

Uh oh, looks like you’ve only got a few days to call the production company and let them know that you won’t be available. Gee, I hope they can find someone to replace someone as valuable as yourself on such short notice.

Send us a note from time to time from wherever you wander off to, just to let us know how much better off you are. We’re really going to miss seeing you around here with your hand out demanding a bribe just to work here. I guess we’ll just have to bravely soldier on without you. LOL

revrighton
2015 years 8 months ago

Victory for the Cathy Family and Pinewood Studios/Atlanta! (those donations to McCrory paid off!)

Thousands to file for unemployment and/or leave NC in the next 6 months.

Way to go, NC.