North Carolina House Bill 1973, also known as the Keep North Carolina Competitive Act, features a slew of incentives for interactive entertainment developers.
The Bill, which passed the state’s House and has been referred to the Senate, features a provision that would bestow tax credits of 15% upon a qualifying production that cost at least $50,000 to produce. Additionally, if a company creates at least 20 new full-time jobs during a 24-month period, and sustains those positions for three years, that company would be eligible for a tax credit of $5,000 per new job.
The Bill also contains provision for tax benefits for datacenters, major industrial facilities and for general production companies. Representatives Bill Owens (D), Pryor Gibson (D), William Wainwright (D) and Harold Brubaker (R) are the Bill’s primary sponsors.
The Raleigh-based Triangle Game Initiative is backing the measure and asking its members and supporters to email state Senators in order to ask for support of HB 1973. The group outlined why the legislation is needed, stating:
Lots of these companies are looking to flee California right now and many states are vying for those opportunities right now – 22 other states have some form of interactive digital media tax credit program – North Carolina is in a great position to take advantage of all of the great assets that are already here – great University and Community College system, great place to live, cost of living and a tremendous knowledge base already in place. We need one last piece to compete.