NC House Moves to Maintain Current Film Tax Rebate
A film incentive grant program is included in the current budget compromise. But an amendment proposed by Republican Representative Ted Davis from New Hanover County would maintain the existing structure of the film tax rebate for one year. The proposal passed the House during Thursday's session by a wide margin.
Ted Davis’ amendment to Senate Bill 763 would extend the current tax rebates for one year, which would allow time for an independent study to be completed.
As he made the case for his amendment on Thursday, Davis was choked with emotion and asked his fellow House members to excuse his passion:
“As we all know, the short session is drawing to an end any day now, and this is probably the last opportunity that we will have to address the film incentive issue. I honestly feel like this is a murder trial, and I am representing the film business in North Carolina. And I am fighting against the death penalty.”
The amendment caps the credit amount at 40 million dollars and reduces the refund on qualifying expenses from 25 percent to 22 and a half percent. To promote tourism, it requires that a North Carolina logo be placed at the end of films produced in the state.
The proposal passed its second reading 77 to 36 in the House. It comes up for a third reading on Friday before heading to the Senate.