You are about 110% WRONG. It is a REFUNDABLE TAX CRDEIT; Look up the difference between a refundable tax credit and a rebate. The refundable tax credit is a check FUNDED BY THE TAXPAYER written by the government for 25% of the PRODUCTION COST, not 25% back on any taxes they may have to pay. Get it? 25% of the production cost. Look. it. up. It is a refundable tax credit NOT a rebate.
And here is what that means, for all of you who seem to need help figuring out how much of our money they are squandering:
-"lobbyist Don Beason, whose services were procured by the North Carolina Production Alliance for $50,000 in 2005. Beason helped the movie producers win the blessing of the legislature for a refundable tax credit equaling 15-percent of production expenses up to a maximum of $7.5 million. Since a refundable tax credit means that the taxpayer gets money back regardless of whether or not taxes are owed, the new cap allowed movie studios to become firmly ensconced in North Carolina’s climate of corporate entitlement, pocketing over $15 million in the last three years alone. "
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