The Omnibus Economic Development Improvements Bill aka HB 89 was filed today and was sponsored by House Reps Susi Hamilton (New Hanover, Brunswick) and Rodney Moore (Mecklenburg). This house bill is an act to restore various tax credits such as the jobs catalyst fund, the Mill Property Rehabilitation Tax Credit, Historic Rehabilitation Tax Credits and yes the North Carolina Film Incentives. You heard me right. Not the grant. The film Incentives. That’s what the language certainly looks like.
At first glance, starting on page 20, HB 89 is reverting to the 25% film incentive we had in previous years, with some very minor changes. Minimum would revert back to $250,000 and the cap again on the 25% back would be $20 million. Slight changes such as certified CPAs to audit instead on IRS, and other minor details have been added. The sunset proposed is January 1, 2020.
Take a look and see what other differences you can find. I wouldn’t get your hopes up too high, but I am glad that Susi and Rodney have gotten the ball rolling. We gotta start somewhere in this fight to keep NC Film.
Of course, it was proven that when the film incentive is gone, production companies with medium to large budgets will not come to North Carolina to employ film workers and inject money in the local economy. We have seen two existing shows with big budgets (Banshee and Sleepy Hollow) cease to return. And of course, still a sore subject, Danny McBride and Jody Hill’s latest HBO show, Vice Principals setting up shop in South Carolina.
Now, it’s between the House and the Senate to decide on the “state of the slate.”
READ HB 89 NOW: http://www.ncleg.net/Sessions/2015/Bills/House/PDF/H89v0.pdf