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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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Just wait and see.....

Within two years, they'll be screaming that this is inadequate because some other state or country has higher incentives. We'll start an entire new round of tax breaks we can't afford.

Trust me, the goal of the production companies is totally tax-exempt status and North Carolina is doing its best to oblige.