Gov. Perdue is set to sign into law more central planning of our economy – this time ramping up more tax breaks for (among other things) television and movie studios filming in NC.
North Carolina was already in the business of granting tax breaks to such companies, this bill will expand the size of the credits that can be awarded (courtesy of NC taxpayers, of course).
The largest recipient of these tax credits is WB (Warner Brothers) Studio Enterprises, which was awarded about $11 million in tax credits over those three years. WB Studio Enterprises is a subsidiary of the mammoth Time Warner enterprise. WB (at least according to Wikipedia) had close to $12 billion in revenue in 2007.
But the rest of the state’s taxpayers are forced to pay one of the highest tax rates in the nation.