GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

S                                                                                                                                                    D

SENATE DRS75212-MC-107  (2/25)

Short Title:        Expand Film Credit.		(Public)
Sponsors:	Senator Garrou.
Referred to:

A BILL TO BE ENTITLED

AN ACT to expand the credit for qualifying expenses of a production company.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑130.47(b) reads as rewritten:

"(b)      Credit. – A taxpayer that is a production company and has qualifying expenses of at least two hundred fifty thousand dollars ($250,000) with respect to a production is allowed a credit against the taxes imposed by this Part equal to fifteen percent (15%)twenty‑five percent (25%) of the production company's qualifying expenses. For the purposes of this section, in the case of an episodic television series, an entire season of episodes is one production. The credit is computed based on all of the taxpayer's qualifying expenses incurred with respect to the production, not just the qualifying expenses incurred during the taxable year."

SECTION 2.  G.S. 105‑151.29(b) reads as rewritten:

"(b)      Credit. – A taxpayer that is a production company and has qualifying expenses of at least two hundred fifty thousand dollars ($250,000) with respect to a production is allowed a credit against the taxes imposed by this Part equal to fifteen percent (15%)twenty‑five percent (25%) of the production company's qualifying expenses. For the purposes of this section, in the case of an episodic television series, an entire season of episodes is one production. The credit is computed based on all of the taxpayer's qualifying expenses incurred with respect to the production, not just the qualifying expenses incurred during the taxable year."

SECTION 3.  This act is effective for taxable years beginning on or after January 1, 2009.