Amends GS 105-130.47 and GS 105-151.29 (Credit for qualifying expenses of a production company), repealing GS 105-130.47(e) and GS 105-151.29(e), which established that credits allowed under these sections were refundable in the amount they exceeded the tax imposed.

Amends GS 105-130.47(f) and GS 105-151.29(f), subsections that provide the limitations of the tax credit allowed under this section, establishing that the amount of credit allowed with respect to a production that is a feature film cannot exceed the lesser of $20 million or the amount of tax imposed by this part for the taxable year reduced by the sum of all other credits allowable, except the tax payments already made by the taxpayer. Applies to the cumulative amount of the credit allowed in any tax year, including carryforwards claimed by the taxpayer under this section for previous tax years. Unused portions of a credit allowed in this section can be carried forward for the next five years.

Effective for taxable years beginning on or after January 1, 2013.