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NORTH CAROLINA AUGUST 31, 2009 Effective for taxable years beginning on or after January 1, 2010 a production company that has qualifying expenses of at least $250,000 may elect to take a refundable tax credit equal to 1) 25% of the qualifying expenses without the use of the sales tax exemption or 2) 15% of the qualifying expenses and the use of the sales tax exemption. It is not apparent how a production company would benefit more by claiming the 15% tax credit and the sales tax exemption instead of the 25% credit without a sales tax exemption but the election must be made at the time the taxpayer files their tax return and the election is binding. For more information please contact: Joe Bessacini |
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