Last week, Governor Bev Perdue signed Senate Bill 943, allowing production companies a 25 percent tax credit (up from the previous credit of 15 percent) for film projects in North Carolina. The bill also sets minimum spending and hiring requirements for qualifying film companies working in the state.
“This legislation is vital to the growth of our $91 million motion picture industry in North Carolina,” says Governor 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 credit. The bill, sponsored by Sen. Linda Garrou (D-Forsyth), also requires companies to meet hiring requirements for North Carolina residents and other criteria to qualify for the incentive.
“This incentive will help keep film production in North Carolina,” says 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.”
The passing of SB 943 ensures North Carolina remains a strong competitor for film production spending, which totaled $91 million in 2008. The industry employs more than 2,500 statewide. Recent movies 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 popular “One Tree Hill” TV series as well as hundreds of commercial and industrial productions each year.
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 details on the N.C. Film Office, visit http://www.ncfilm.com.