NC S539

Eliminates the refundable provision of the film production credit under G.S. 105-130.47 and G.S. 105-151.29, making the credit nonrefundable.

Changes the limitation on feature film production credits from a flat $20,000,000 cap to the lesser of $20,000,000 or the amount of tax imposed for the taxable year reduced by all other allowable credits.

Allows unused portions of film production credits to be carried forward for the next five succeeding years.

Applies the credit limitation cumulatively to all credits allowed in any tax year, including carryforwards from previous years.

Effective for taxable years beginning on or after January 1, 2011.