Reenacts GS 105-151.29 and GS 105-130.47, individual and corporate income tax credits for qualifying expenses of a production company, as they existed immediately before repeal and makes the following changes. Amends both GS 105-153.29 and GS 105-130.47 by removing the sunset provision. Changes to GS 105-151.29 apply to qualifying expenses occurring on or after January 1, 2021.
Repeals GS 143B-437.02A, the Film and Entertainment Grant Fund.
Repeals GS 105-259(b)(34a), which allowed tax information to be disclosed to exchange information concerning a grant awarded under GS 143B-437.02A with specified entities. Allows the Department of Revenue to continue to disclose tax information concerning a grant awarded under GS 143B-437.02A prior to its repeal with the Department of Commerce or a contractor hired by that Department as necessary for the administration of the grant until the term of the grant has expired.
Repeals GS 150B-1(d)(18b), which exempted the Department of Commerce in administering the Film and Entertainment Grant Fund under GS 143B-437.02A from rulemaking.
Allows a production company that has been awarded a grant for a production under GS 143B-437.02A to: (1) return or decline the grant and claim the credit reenacted in this act for the production or (2) retain the grant and not claim the credit allowed for the production, as reenacted in this act. Prohibits a production company from receiving a grant under GS 143B-437.02A and claiming the reenacted credit for the same production.
Bill H 810 (2021-2022)Summary date: May 4 2021 - View summary