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Easley Signs Film Incentive Bill

Posted by Administrator (samuel) on Oct 11 2006
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Governor Easley Signs BillRaleigh - Gov. Mike Easley today signed into law House Bill 1522, "An act to conform the tax credit for production companies to the standard tax treatment with respect to the deduction of business expenses." The legislation was sponsored by Rep. Dan McComas, (R-New Hanover), Rep. Thomas Wright (D-New Hanover, Pender) and Sen. Julia Boseman, (D-New Hanover). The governor signed the bill at the Screen Gems Studios in Wilmington.

"This legislation is critical to strengthening the movie and television production business in North Carolina," said Easley. "This bill gives us another powerful tool to bring top film and television projects, along with good-paying, high-skill jobs, to hard-working North Carolinians."

The new law ensures that film and television productions are able to take the full value of the 15 percent refundable tax credit for wages and supplies purchased in the state. The move will help North Carolina increase its current annual $300 million film and television production business.

North Carolina film and TV production revenue last year marked a nearly 22 percent increase from 2004 and accounted for 22,000 jobs, according to the N.C. Department of Commerce. Talladega Nights, the Columbia Pictures hit, was No.1 at box offices around the nation this weekend and took in $47 million. It was shot in Charlotte and Rockingham last year. The hit television series One Tree Hill, which is starting its fourth season, is being shot at the Screen Gems Studios in Wilmington.

There are several productions looking at North Carolina that have been waiting on approval of this important incentives package, according to the state Film Commission. These incentives combined with the infrastructure already in the state, such as the Screen Gems Studios with experienced crews and soundstages, will help attract more entertainment production business.

"This is just what North Carolina needs to revitalize the film industry in the state," said Sen. Julia Boseman. "Productions that otherwise might have written this state off will be giving us a hard look."

"Other states are bending over backwards to lure this business away from North Carolina. This will help us make sure we compete and get our share," said Rep. Dan McComas.

"Getting North Carolina's film industry back on its feet will boost the state's economy and mean jobs just as the 2007 production cycle is getting ready to start," said Rep. Thomas Wright.

The law takes effect on January 1, 2007. Almost 95% of the budget for Wesley will qualify for the 15% rebate.

Last changed: Oct 10 2006 at 8:37 PM