Thursday, December 18, 2014

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House Passes Amendment to Change Film Incentive Tax Credit to Grant Fund

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TWC News: House Passes Amendment to Change Film Incentive Tax Credit to Grant Fund
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RALEIGH-- The State House of Representatives passed an amendment to change North Carolina's film incentive tax credit to a grant fund, which is similar to a proposal that passed the state Senate earlier.

The difference, however, is in the dollar amount.

While Sen. Bill Rabon's plan allocated $20 million for the film and entertainment grant fund, Rep. Ted Davis's proposal only allocates $5.

“On the floor that the small allocation is enough to keep the issue on the table when the House and Senate negotiate together on budget plans,” said Davis.

“The studio is looking forward to working with the House and Senate to develop a plan to support the film industry,” said executive vice president for EUE Screen Gems Studios.

“The studio is grateful and deeply appreciative of the efforts by House speaker Thom Tillis and Rep. Ted Davis,” said Bill Vassar, in a statement released yesterday.

"Their [Tillis and Davis'] success in finding bipartisan support for the measure provides hope for this industry and the 4,000 North Carolina film workers and small business owners that depend on film to provide for their families,” said Vassar. ClientIP: UserAgent: CCBot/2.0 ( Profile: TWCSAMLSP