H.B. 1973 Summary

• Extends sunset date for tax credits for growing businesses from January 1, 2011 to January 1, 2013, and modifies agrarian growth zone definitions and environmental disqualification standards.

• Increases production company tax credit from 15% to 25% of qualifying expenses, raises per-feature-film credit cap from $7.5 million to $20 million, and expands qualifying expenses to include employee fringe benefits and per diems; credit effective for taxable years beginning January 1, 2011.

• Creates new 15-20% tax credit for interactive digital media development in North Carolina with a $7.5 million cap per taxpayer, including higher percentages for university collaboration; applies to taxable years beginning January 1, 2011.

• Extends oyster shell recycling tax credit sunset from January 1, 2011 to January 1, 2013.

• Establishes Eco-Industrial Park economic incentives including tier one development designation, enhanced research and development tax credits up to 35%, priority grant funding, and renewable energy property credit cap of $5 million.

• Exempts certain towed wood chippers from sales tax and authorizes $2 DNA database funding fee in criminal court cases; encourages state use of multiple award schedule contracts for procurement.