Study: Loss of film incentive would have negative impact on NC
WILMINGTON, NC (WWAY) — A new study on the impact of the film industry in North Carolina shows the tax incentives promoting the industry have a positive economic impact.
A group of film commissions across the state, including the Wilmington Regional Film Commission, commissioned the study entitled “A Supply Chain Study of the Economic Impact of the North Carolina Motion Picture and Television Industry” by NC State’s Poole College of Management. It found that the industry has a net contribution to the state of $25.3 million. The study also found the industry is responsible for 4,259 jobs with an average wage of $66,000.
The study also found that every $1 of tax credit generated $9.11 of direct spending by productions.
The state’s tax incentive for productions is about to end. The study found that if the incentive is not extended, it would mean the loss of thousands of jobs and $21 million in state and local revenues compared to 2012 levels, including a $4 million loss in state sales tax revenue.
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