Reenacts GS 105-151.29, the individual income tax credit for qualifying expenses of film or tv production companies, and recodifies the statute as GS 105-153.12.

Defines qualifying expenses for purposes of the section to include expenses spent in the state on goods and services, wages, and insurance coverage, but excluding salaries paid to highly compensated individuals receiving over $1,000,000. Allows a credit of 25% of qualifying expenses for productions with at least $250,000 in qualifying expenses.

Makes a pass-through entity the taxpayer for purposes of claiming the tax credit. Requires a return filed in the year claiming the taxable credit to show all qualifying expenses. Makes the credit refundable.

Limits the amount of credit allowed under the statute to $20,000,000. Excludes productions that are for political advertising, news or live sporting events, obscene materials, or radio productions.

Requires the taxpayer to maintain records and make them available to the Department of Revenue upon request.

Includes the amount of credit under this statute in the economic incentives the department must report under GS 105-256.

Requires the taxpayer to notify the Division of Tourism, Film, and Sports Development in the Department of Commerce of their intent to claim the credit and provide the required information to the department. Specifies that the production must acknowledge the NC Film Office and the regional film office for the area of production in the credits of the production.

Repeals the sunset provision in former subsection (k).

Reenacts GS 105-130.47, which has effectively the same language and creates a credit applicable to corporation income tax, and repeals the sunset provision in former subsection (k).

Effective for taxable years beginning on or after January 1, 2025.