With the General Assembly working to pass a budget for the next fiscal year, there is a lot of debate over the amount of tax credits that will go to the film industry. The State government currently gives $10 million in credits annually to the groups and the current budget proposal out of the House expands that by $30 million ($40 million total). But how much of that is staying in North Carolina to help those who work for the industry in the State? One article from the Triangle Business Journal released earlier this week talked about an ABC show which did not apply for a piece of the tax credits, filmed the pilot episode and moved back to Hollywood to finish the season. The kicker? They are claiming that the people of North Carolina owe them $1.1 million in tax credits. The full article can be read here.
While the General Assembly is debating on whether or not expand the film industry’s credits, it is important to make sure that the money at least stays in the state to support film workers living in North Carolina. We will continue to follow and comment on this issue throughout the summer.