StarNews: NC Senate OKs bill converting film credit to grant
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.