Hooray For Hollywood East
Not content with throwing around copious amounts of cash in the form of so-called business investment grants to lure brick-and-mortar companies to North Carolina, legislators have upped the ante for Hollywood.
The General Assembly approved a bill this year that turbo-charges tax breaks for the film industry, skyrocketing the amount of money available to be doled out as incentives from $7.5 million to $20 million. The bill also jumps the credit against taxes imposed on production companies filming in North Carolina from 15 to 25 percent, and removes a cap that previously restricted how much salary, up to a $1 million, could be included toward the credit.
Legislators argued the incentive pot needed to be sweetened because North Carolina was losing ground to other states in the business of attracting movie companies to film in the region.
The new tax incentive schedule for the film industry was rolled into a larger economic incentives bill that included, among other tweaks, an extension of tax credits for recycling oyster shells, economic development incentives for Eco-Parks, and a sales tax exemption for wood chippers.
Wood chippers, eh? Could’ve had a double-dip incentive there for trying to land the Cohen brothers’ “Fargo.”
We need your help! If you like PunditHouse, please consider donating to us. Even $5 a month can make a difference!
Short URL: https://pundithouse.com/?p=2622
