Study: Investment in film pays dividends
An N.C. State professor has released a study suggesting that, for ever $1 North Carolina has spent on film tax credits, the industry spent $9.11 in the state.
Posted — UpdatedThe key finding: Beginning in 2007, when the incentive was first enacted, through 2012, the film and television industry has spent $1.02 billion in the state and generated a projected $170,000,000 in tax revenue. The cost of the credit over the same time period was $112,000,000. The result means that, for every dollar of credit issued, the industry generated $9.11 in direct spending and contributed $1.52 in tax revenue to North Carolina.
"The findings are quite clear on these matters and reveal the incentive to be the driving force behind the economic success of North Carolina’s film and television industry," Handfield said.
However, Commerce Secretary Sharon Decker has said she would like to keep the credit, and lawmakers from areas where there is a lot of filming activity, particularly Wilmington, are poised to press their colleagues to either extend the credits or come up with a new system to help keep film productions in the state.
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