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NC H994

Bill

Official Source

Status

Introduced

4/17/2013

Primary Sponsor

Paul Luebke

Click for details

Origin

House of Representatives

2013-2014 Session

AI Summary

  • Eliminates the refundable provision of the film production credit, making it nonrefundable under both income tax and corporate tax statutes (G.S. 105-130.47 and G.S. 105-151.29)
  • Limits the film production credit for feature films 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 the film production credit to be carried forward for up to five succeeding tax years
  • Applies the credit limitation cumulatively to all credits claimed in a tax year, including carryforwards from previous years
  • Effective for taxable years beginning on or after January 1, 2013

Legislative Description

Make Film Credit Nonrefundable

Last Action

Ref to the Com on Rules, Calendar, and Operations of the House, if favorable, Commerce and Job Development, if favorable, Finance

4/18/2013

Committee Referrals

Rules, Calendar, and Operations of the House4/18/2013

Full Bill Text

No bill text available