- Monday, Aug. 31, 2009
Gov. Bev Perdue Thursday signed Senate Bill 943 allowing production companies a 25 percent tax credit for film projects in North Carolina, up from the previous credit of 15 percent. The bill also sets minimum spending and hiring requirements for qualifying film companies working in the state.
"This legislation will help grow our $91 million motion picture industry, preserve and create thousands of jobs and increase investments in yet another emerging economic cluster," said Perdue. "Providing a strong foundation for North Carolina's film industry is essential as we work to build a strong and sustainable economy through increased diversification."
Companies must spend a minimum of $250,000 on production costs in the state to be eligible for the tax credit. The bill, sponsored by Sen. Linda Garrou (D-Forsyth) also requires companies to meet hiring requirements for North Carolinians and other criteria to qualify for the incentive.
"This incentive will help keep film production in North Carolina," said N.C. 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."
"During these tough economic times, it's critical to continue making investments that will grow jobs in our state," said Sen. Linda Garrou (D-Forsyth). "This legislation will help expand North Carolina's motion picture economy and create new employment opportunities across our state."
SB 943 ensures North Carolina remains a strong competitor for film production dollars, which totaled $91 million in direct spending in 2008. The industry employs more than 2,500 statewide. Recent major motion pictures filmed in the state include "Nights in Rodanthe," "Leatherheads" and "The Secret Life of Bees." The N.C. film industry is also home to the CW Network's "One Tree Hill" TV series as well as hundreds of commercial and industrial productions each year throughout the state.
More than 800 movies have been filmed in North Carolina. The state is well known for supporting its motion picture industry with a strong infrastructure and a bevy of locations that can stand in for sites throughout the world. North Carolina boasts an exceptional variety of filming locations from the mountains to the coast, and a world-class film industry infrastructure. Wilmington's EUE Screen Gems, home of the largest studio lot east of California, recently opened the largest film and television production soundstage on the East Coast.
For More Information: 25% Film Incentive
Director, NC Film Office