North Carolina Reins in Tax Incentives for Movie Companies

North Carolina is eliminating one of the nation's most extensive programs for awarding tax breaks to film companies, in a retreat from a race among states to lure Hollywood productions. North Carolina has been offering producers a 25% refundable tax credit, which meant, state legislators note, that taxpayers offset about 25 cents of each dollar spent. Refundable credits reimburse a company for its investments, even if it doesn't owe state taxes. The state awarded $61 million in incentives to production companies in 2013.