North Carolina Ups Film Incentive To 25%

UPDATES: Now North Carolina Expanding Its Studios

In these tough economic times when many states can’t figure out how to sustain their film incentives, North Carolina Governor Bev Perdue yesterday signed a 25% increase into law. The higher incentive will be effective January 1st. Chris Cooney, co-owner and COO of EUE/Screen Gems Studios issued a statement that his phone is ringing off the hook at the Wilmington, N.C., turnkey facility featuring 10 stages on 50 acres, including the third largest sound stage in North America and 2nd largest special effects water tank for disaster shoots. “The Hollywood studios and producers from around the world have been talking to us, waiting for this 25% incentive that will allow them to shoot with us.” Now EUE/Screen Gems is exploring expansion into Charlotte. Meanwhile, California’s new Film and Television Incentive Program gives a 20% tax credit to feature films with $1 million – $75 million production budgets, movies of the week or miniseries with $500,000+ production budgets), and new TV series licensed for original distribution on basic cable with $1+ million minimum budgets. The 25% tax credit goes only to TV series formerly filming all of its prior seasons outside of California, and indieprod films with $1 million – $10 million production budgets. But only $100 million annually has been allocated to the program beginning fiscal year 2009/2010 through fiscal year 2013/2014.

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