The News & Observer ran an article about the NC film credit expiring at the end of 2014 without legislative action. The article, “North Carolina deciding again on film incentives” (limited access) discusses how NC refunds 25% of a film’s qualified expenses. From the article “More than 60 productions were registered with the state film office during 2013, leading to more than $254 million in direct spending, according to Gov. Pat McCrory’s office.” At 25% that is $63.5 million in payments to film companies for 2013.
The credit’s purpose is to create jobs. The N&O notes that the NC Department of Commerce calculates the cost of each job as $18,500. So is it worth it? Is it unfair? Jon Sanders of the John Locke Foundation told the N&O that “the state should stop trying to pick winners and losers and instead reduce business tax rates further for all.”
How do you feel about it? Now is the time to let your legislators know.