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Foundery is named a Qualified Business Venture

Posted by Administrator (samuel) on Apr 13 2007
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The North Carolina Secretary of State has officially certified Foundery Pictures I, LLC as a Qualified Business Venture under Sections 105-163.010 through 105-163.014 of the North Carolina General Statutes. This qualification means that investors in the Wesley film will be eligible to receive up to 25% of their investment (up to a total investment of $50,000) back as a rebate on their NC state taxes.

The Qualified Business Venture Tax Credit program seeks to encourage the development of certain industries in manufacturing, research, and similar areas. The state sets aside a cash fund of $6,000,000 annually to pay for these tax credits, which help to create and maintain new jobs in the state.

When combined with the 15% incentive for film production signed in August by Governor Easley, (read the news item here) North Carolina investors will essentially be eligible to receive up to 40% of their cash investment back from the state.

"This is an incredible benefit for the film and for our investors," said producer John Jackman. "It is one more factor in controlling the risks of investing in a movie like Wesley." The production company has pursued a number of other tactics to ensure that the production will turn a profit for investors.

Last changed: Apr 13 2007 at 2:37 PM