THIS JUST IN: NC House passes amendment that keeps film rolling for now


Tags: , , , , , , , , ,

Submitted: Thu, 06/12/2014 - 11:42pm
Updated: Tue, 06/24/2014 - 6:19pm
By:

RALEIGH, NC (WWAY) — It wasn’t exactly what State Rep. Ted Davis (R-19th District) wanted. But, film supporters said it’s better than nothing.

Thursday night, the North Carolina House of Representatives passed, 90 to 26, Davis’ amendment that would trade film tax credits for a grant program.

On Wednesday, Davis proposed to reduce the tax credit from 25 to 22.5 percent of a film’s qualifying expenses. But that, and his two other ideas, failed in committee.

So, Thursday, he came up with another amendment for a grant program much like the one passed in the Senate.

The proposal in the amendment said the Department of Commerce would create an account known as the Film and Entertainment Grant fund. It would provide money to encourage productions in North Carolina.

The money would be reserved for films, TV shows and commercials that had qualifying expenses of at least $10 million, $1 million and $500,000, respectively. But, the grant would not cover an amount more than $5 million for a feature-length film or one television episode, or more than $250,000 for a commercial.

The film incentives are now in the House budget with a $5 million appropriation. That means lawmakers will debate the details in a House-Senate conference committee.

The current film incentives package that runs out at the end of the year lets productions that spend at least $250,000 in North Carolina to claim 25 percent of their qualifying expenses up to $20 million.

Leave a Reply

5 Comments on "THIS JUST IN: NC House passes amendment that keeps film rolling for now"


molly
2015 years 8 months ago

You, sir, are the epitome of wit and insightfulness so rampant with the “no movies in my back yard” bunch!

Concerned
2015 years 8 months ago

Ha, you’re done!

Concerned
2015 years 8 months ago

Ha, you’re done!

Guest000000
2015 years 8 months ago

But for some reason, this business getting a tax break bothers people while they could care less about the others. Weird.

martin
2015 years 8 months ago

Looks like once again, big business will escape paying their fair share.