Bill Text: NC S539 | 2011-2012 | Regular Session | Amended
Bill Title: Make Film Production Credit Nonrefundable
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-04-12 - Ref To Com On Finance [S539 Detail]
Download: North_Carolina-2011-S539-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
S 1
SENATE BILL 539
|
Short Title: Make Film Production Credit Nonrefundable. |
(Public) |
|
|
Sponsors: |
Senator Hartsell. |
|
|
Referred to: |
Finance. |
|
April 12, 2011
A BILL TO BE ENTITLED
AN ACT to make the film production credit nonrefundable.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑130.47 reads as rewritten:
"§ 105‑130.47. Credit for qualifying expenses of a production company.
…
(e) Credit Refundable. – If a credit allowed
by this section exceeds the amount of tax imposed by this Part for the taxable
year reduced by the sum of all credits allowable, the Secretary must refund the
excess to the taxpayer. The refundable excess is governed by the provisions
governing a refund of an overpayment by the taxpayer of the tax imposed in this
Part. In computing the amount of tax against which multiple credits are
allowed, nonrefundable credits are subtracted before refundable credits.
(f) Limitations. – The amount of credit allowed under
this section with respect to a production that is a feature film may not exceed
the lesser of twenty million dollars ($20,000,000).($20,000,000)
or the amount of tax imposed by this Part for the taxable year reduced by the
sum of all other credits allowable, except tax payments made by or on behalf of
the taxpayer. This limitation applies to the cumulative amount of the credit
allowed in any tax year, including carryforwards claimed by the taxpayer under
this section for previous tax years. Any unused portion of a credit allowed in
this section may be carried forward for the next succeeding five years. No
credit is allowed under this section for any production that satisfies one of
the following conditions:
(1) It is political advertising.
(2) It is a television production of a news program or live sporting event.
(3) It contains material that is obscene, as defined in G.S. 14‑190.1.
(4) It is a radio production.
.…"
SECTION 2. G.S. 105‑151.29 reads as rewritten:
"§ 105‑151.29. Credit for qualifying expenses of a production company.
(e) Credit Refundable. – If a credit allowed
by this section exceeds the amount of tax imposed by this Part for the taxable
year reduced by the sum of all credits allowable, the Secretary must refund the
excess to the taxpayer. The refundable excess is governed by the provisions
governing a refund of an overpayment by the taxpayer of the tax imposed in this
Part. In computing the amount of tax against which multiple credits are
allowed, nonrefundable credits are subtracted before refundable credits.
(f) Limitations. – The amount of credit allowed under
this section with respect to a production that is a feature film may not exceed
the lesser of twenty million dollars ($20,000,000).($20,000,000)
or the amount of tax imposed by this Part for the taxable year reduced by the
sum of all other credits allowable, except tax payments made by or on behalf of
the taxpayer. This limitation applies to the cumulative amount of the credit
allowed in any tax year, including carryforwards claimed by the taxpayer under
this section for previous tax years. Any unused portion of a credit allowed in
this section may be carried forward for the next succeeding five years. No
credit is allowed under this section for any production that satisfies one of
the following conditions:
(1) It is political advertising.
(2) It is a television production of a news program or live sporting event.
(3) It contains material that is obscene, as defined in G.S. 14‑190.1.
(4) It is a radio production.
.…"
SECTION 3. This act is effective for taxable years beginning on or after January 1, 2011.
