North Carolina Senate agrees on decreasing the State’s TV and Film production tax credits.
The North Carolina state Senate voted on Thursday to approve a decreased form of the state’s film tax incentive.
The new tax incentive would decrease funding for the program by two-thirds, according to Deadline.
Currently, North Carolina‘s production credit has been accused of being abused by production companies and Gov. Pat McCrory has called for deep cuts in the program.
On Thursday, the State Senate approved a proposal that would turn the incentives program into a grant program and reduce the state’s funding of the program from $60 million to $20 million.
But, before North Carolina eliminates their production tax credit, the new program will have to be passed in the state’s House of Representatives.
The MPAA‘s SVP of Government Affairs, Vans Stevenson commented on the recent Senate vote expressing his pleasure in state incentives.
“We are grateful the Senate has recognized the importance of motion picture and television production jobs in North Carolina by voting to give preliminary approval to continue a production incentive program.”
We remain hopeful that the North Carolina House of Representatives, with its bipartisan bill, will work together with their Senate colleagues and the governor to reach agreement on a competitive, sustainable incentive program thereby ensuring motion picture and television production in North Carolina remains a catalyst for job growth and significant economic development in the state into the future.”
According to the MPAA, the film and TV industry is accountable for more than 12,000 jobs in the state including more than 3,000 production jobs and more than $538 million in wages from production and distribution-related jobs.
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