There have been rumors going around that the film incentives are drying up. I’m not familiar with other states but NC‘s opportunities are alive and holding strong.
Screen Gems Studios here in Wilmington, North Carolina has just completed Stage 10 which with 37,00sf holds the largest water tanks in North America and has been home to over 350 film, television and commercial productions. NC continues to be a major player today as we provide production services to the major Hollywood studios and the most successful ad agencies in the world.
As the founder of Sagitta Studios Creative Agency, sagittastudios.com and a native producer based here in New Bern, NC, Tax incentives is a subject that I take particular interest in.
The NC political climate has also been vocal on the subject and New Bern resident and Gov. Bev Perdue is being fully supportive of the NC incentive. Gov. Bev Perdue signed Senate Bill 943 allowing production companies a 25 percent tax credit for film projects in North Carolina, up from the previous credit of 15 percent. The bill also set minimum spending and hiring requirements for qualifying film companies working in the state.
“This legislation will help grow our $91 million motion picture industry, preserve and create thousands of jobs and increase investments in yet another emerging economic cluster,” said Perdue. “Providing a strong foundation for North Carolina’s film industry is essential as we work to build a strong and sustainable economy through increased diversification.”
July 2010 Aaron Syrett Director NC Film Office a marketing agency charged with recruiting motion picture and TV projects to North Carolina stated that “In the past couple of years North Carolina has made some pretty aggressive moves to keep the film industry in North Carolina, including this legislative session which just ended.”
The NC General Assembly made the following improvements to the incentive:
HB 1973:
• Eliminates the 15% and Alternative Film credit.
• Creates a 25% film Incentive.
• Increases per project cap to $20 million (was $7.5 million) –
• Defines, employee fringe contributions, including health, pension and welfare contributions as qualifying expenses.
• Defines per diems, stipends, and living expenses as qualifying expenses.
HB 713:
• Eliminates the 6.9% corporate income tax on the incentive taken by a production company. This allows the production company to realize a full 25% of qualifying expenses
For further information about the NC film industry see: ncfilm.com
The spring s still flow and the water is fine in Eastern NC, and if the lakes and estuaries are too warm for you then there are the cool streams in North Carolinas Smoky Mountains. Not only are there tax incentives but there are also the architectural richness from places like the Biltmore Mansion, log cabins, coastal forts and Marinas as well as stately homes built at the turn of the century.
So… if you’re worried about the profitability of your projects keep North Carolina in mind for your next big screenplay hit, the best film opportunities are yet to come.
Kenny Barrow founding CEO of Sagitta Studios, a creative agency that specializes in marketing for feature films, entertainment and local businesses, he has dedicated his time and efforts to spreading the online media love around. Through the enterprise, he consorts with people who share his passion for the arts, flying, sailing by providing topnotch media production services.
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