NC Senate Would Raise Tax Credits For Films

North Carolina senators focused on cutting spending and raising taxes to balance the state's budget have approved cutting taxes for Hollywood.

The Senate voted 27-17 on Wednesday to raise the tax credit film and television production companies get on their North Carolina spending from 15 percent to 25 percent.

The measure now heads to the House.

Supporters like Democratic Sen. Linda Garrou of Guilford County said the tax break would draw more productions to North Carolina, resulting in added sales and hiring.

Garrou said the overall spending would be more than the tax revenues lost, an argument supported by legislative fiscal analysts.

Republicans noted Federal Reserve Bank of Boston studies that productions stimulate little added economic activity.

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  • by Buzz Location: MillCreek on Jun 24, 2009 at 06:07 PM
    This is just more whoeey, we are out here scrapping a living and small companies trying to make it to keep thier employees on the payroll and here comes the movie industry with all of it's glitz and we bend over backward to kiss their hynnies. TERM LIMITS people- term limits, make the legislators live in fear, and realize who THEY work for not the other way around. Buzz-

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