Amends GS 105-130.47 and 105-151.29 to cap the state income tax credit for qualifying film production expenses at the lesser of $20 million or the amount of taxes, after reduction by all other available credits, imposed on the eligible taxpayer for the year in which the film production credit is sought. The limitation applies also to carryforwards of the unused credits from prior tax years. Unused credits may be carried forward for up to five years. Makes conforming changes. Effective for tax years beginning on or after January 1, 2011.