Barring another negotiating shakeup—-as the Winston-Salem Journal puts it— the state budget will likely include $30 million in incentives to lure the film industry to North Carolina.
Forsyth County legislators Donny Lambeth —a Republican —and Ed Hanes —a Democrat—both support the incentives in the form of $30 million in tax credits:
Hanes, D-Forsyth, was a co-sponsor of House Bill 89, its omnibus economic-development legislation that included a 25 percent refundable tax credit to film production companies for all qualifying in-state expenses. Hanes said that tax credit “made us competitive at the highest levels.”
“This $30 million grant keeps us in the game, but just barely and not in any serious way. It just seems illogical to me to turn our back on investments that yield 300 percent returns to the state.”
I’m not sure what it says when $30 million barely keeps you in the game, not who you are or what your business. All I know is the film incentives game is a race to the bottom—or the top, if you’re solely looking at the figures.
