Amends GS 143B-437.02A to expand the eligibility requirements of the Film and Entertainment Grant fund. Reserves funds for productions where the production company has over $1 million in qualifying expenses for a feature-length film (was, $1.5 million for a theatrical release; $500,000 for TV movies).

Increases cap on grant funds to 30% of qualifying expenses (was, 25%) and adds that this is for productions where at least three-quarters of filming or expenses incurred occurred in areas at specified development tiers, to $20 million (was, $7 million) for feature-length films, and to $25 million (was, $15 million) for a season of television.

Modifies definition of “highly compensated individual” to an individual who receives compensation in excess of $4 million (was, $1 million). Makes conforming change to definition of “qualifying expenses.”

Applies to grant proceeds provided from the grant fund on or after the date this act becomes law.