North Carolina ups production tax credit
Governor Perdue signs bill to boost credit to 25%NEW YORK -- North Carolina Governor Bev Perdue on Thursday signed a bill that boosts a state tax credit for film, TV and other productions from 15% to 25%.
Eligible productions include film, TV, direct-to-video releases, animation projects and commercials. An episodic TV series is considered one production.
The bill retains minimum spending and hiring requirements for qualifying companies working in the state.
"This legislation is vital to the growth of our $91 million motion picture industry in North Carolina," said Perdue. "This bill will preserve thousands of jobs for our deserving residents, increase investment in our economy and help showcase our state's rich offerings to film and TV audiences around the world."
Companies must spend a minimum of $250,000 on production costs in the state to be eligible for the tax incentives.
"This incentive will help keep film production in North Carolina," said NC commerce secretary Keith Crisco. "It will be a major boost for the film industry and allow us to compete on a level playing field in a vital and growing global market."
Film production amounted to $91 million in direct spending in the state in 2008. The industry employs more than 2,500 in NC. Recent projects filmed in the state include "Nights in Rodanthe," "Leatherheads" and "The Secret Life of Bees." NC is also home to CW show "One Tree Hill."
Overall, more than 800 movies have been filmed in NC, according to the state.