NC S711

Repeals the income tax credit for qualifying expenses of production companies, effective for expenses occurring on or after January 1, 2011.

Eliminates the 25% tax credit that previously allowed production companies with at least $250,000 in qualifying expenses to claim credits against North Carolina income taxes.

Removes provisions allowing the film production credit to be refundable and eliminates the $20 million cap on feature film credits.

Strikes tax information disclosure provisions that previously allowed sharing of film production tax credit data with the North Carolina Film Office and regional film commissions.

Removes the film production tax credit from the list of credits for which corporate taxpayers must add back amounts to federal taxable income.