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NC Senate passes $240 million in tax breaks

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RALEIGH, N.C. (AP) - North Carolina legislators have approved legislation that includes a long list of extended tax breaks and business-friendly changes estimated to cost about $240 million in the next five years.

The Senate approved the bill on a 30-16 vote Wednesday. The bill now heads to the House.

The bill was changed to preserve a $1 million cap on the salaries of highly paid actors and directors that can be counted toward a total tax break raised from $7.5 million to $20 million.

Producers could write off their in-state spending from their state taxes or collect a multi-million-dollar refund check from taxpayers if they manage to avoid owing taxes.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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