NC S578

Reduces the corporate franchise tax rate for C Corporations from $1.50 to $0.96 per $1,000 of tax base, effective January 1, 2027, with interim reductions to $1.29 per $1,000 starting January 1, 2021.

Reduces the S Corporation franchise tax rate on amounts exceeding $1,000,000 from $1.50 to $0.96 per $1,000 of tax base, following the same effective date schedule.

Maintains the $1.50 per $1,000 tax rate for electric power companies and affiliated groups containing electric power companies.

Increases Film and Entertainment Grant Fund limits by reducing minimum qualifying expenses for feature films to $1,500,000 (theatrical) and $500,000 (TV movies), and for TV series to $500,000 per episode.

Increases maximum grant amounts to $15,000,000 for a single season of a television series, up from $12,000,000, while maintaining $7,000,000 limit for feature films and $250,000 for commercials.