Bill Text: NC H1142 | 2013-2014 | Regular Session | Amended
Bill Title: Modify Film/Historic Rehab Tax Credits
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2014-05-21 - Ref To Com On Finance [H1142 Detail]
Download: North_Carolina-2013-H1142-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2013
H 1
HOUSE BILL 1142
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Short Title: Modify Film/Historic Rehab Tax Credits. |
(Public) |
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Sponsors: |
Representatives Hamilton, Iler, Davis, and R. Moore (Primary Sponsors). For a complete list of Sponsors, refer to the North Carolina General Assembly Web Site. |
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Referred to: |
Finance. |
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May 21, 2014
A BILL TO BE ENTITLED
AN ACT to Modify the Historic rehabilitation tax credit and the film credit.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑129.39 is repealed.
SECTION 2. G.S. 105‑130.47 reads as rewritten:
"§ 105‑130.47. Credit for qualifying expenses of a production company.
…
(b) Credit. – A taxpayer that is a production company
and has qualifying expenses of at least two hundred fifty thousand dollars
($250,000)three hundred thousand dollars ($300,000) with respect to
a production is allowed a credit against the taxes imposed by this Part equal
to twenty‑five percent (25%) of the production company's qualifying
expenses. For the purposes of this section, in the case of an episodic
television series, an entire season of episodes is one production. The credit
is computed based on all of the taxpayer's qualifying expenses incurred with
respect to the production, not just the qualifying expenses incurred during the
taxable year.
…
(k) Sunset. – This section is repealed for
qualifying expenses occurring on or after January 1, 2015."
SECTION 3. G.S. 105‑151.29 reads as rewritten:
"§ 105‑151.29. Credit for qualifying expenses of a production company.
…
(b) Credit. – A taxpayer that is a production company
and has qualifying expenses of at least two hundred fifty thousand dollars
($250,000)three hundred thousand dollars ($300,000) with respect to
a production is allowed a credit against the taxes imposed by this Part equal
to twenty‑five percent (25%) of the production company's qualifying
expenses. For the purposes of this section, in the case of an episodic
television series, an entire season of episodes is one production. The credit
is computed based on all of the taxpayer's qualifying expenses incurred with
respect to the production, not just the qualifying expenses incurred during the
taxable year.
…
(k) Sunset. – This section is repealed for
qualifying expenses occurring on or after January 1, 2015."
SECTION 4. This act is effective when it becomes law.
