NC S764

Reduces the compensation threshold for "highly compensated individuals" from $1,000,000 to $500,000 for both corporate income tax (G.S. 105-130.47) and franchise tax (G.S. 105-151.29) purposes under the production company tax credit.

Adds requirement that feature film productions receive a Motion Picture Association of America (MPAA) rating and prohibits tax credits for productions rated NC-17 to be eligible for the production tax credit.

Establishes pre-approval and post-approval review process: North Carolina Film Office must evaluate productions for "serious artistic merit" considering "general standards of decency and respect for the diverse beliefs and values of citizens of North Carolina" and issue a preapproval certificate.

Requires Department of Revenue to conduct post-production review comparing final production to original notification and preapproval certificate, determining whether the production differs substantially and maintaining "serious artistic merit" standards before final credit approval.

Expands notification requirements to include total production budget, amount to be spent in-state, crew details, production schedule, preproduction script, and certification that production has not been denied credits elsewhere except for expenditure thresholds.