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Landlords are Excited & Curious if Hollywood Film Incentives are Returning To Wilmington. Here’s Why…

>North Carolina has been a popular film location on the East Coast for a little over 30 years. Not only is this something boast about to friends who are not as fortunate to live in the fun hustle and bustle, it is a great benefit to landlords whose properties are already furnished in high end locations. Close to downtown with easy access to the studios is a great place for landlords and would-be landlords to consider shorter term rentals or furnished rentals. Often, when a movie or show is in town to film, they are here for a short period, but long enough to extend past the length of a hotel stay.

Gov. Cooper has now proposed to revamp the current tax incentive to become the Film and Entertainment Tax Incentive. The incentive program would go into effect in January 2018 and provide a refund for in-state spending (wages, food, hotel, equipment, etc.). Up to 25% of those expenses would be returned as a tax credit.

Therefore, if owners have a furnished condo in a popular high rise, landlords would be smart to consider a shorter 6 month lease to take advantage of these tax incentives. Those employed in the film industry often extend their leases, especially if a new show is picked up for a longer run or a movie sequels are in the works.

Gov. Cooper’s tax incentive budget goes to the General Assembly soon, though in the past Republican lawmakers have objected to incentives.

Here’s to hoping for a landlord friendly outcome!

To learn more and see how you could benefit as a high-end landlord, read the full proposal here.
 

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