Ready to roll credits.

• Position: Eastern

North Carolina's film industry--soaring since the General Assembly sweetened tax credits for feature films, television shows and commercials in 2009--might have its wings clipped as Republicans seek to reform the state tax code. One bill in the House would eliminate the credit, which reimburses 25% of qualifying expenses up to $20 million, and instead waive equivalent tax liability the company amasses over five years. That measure is co-sponsored by two Republican lawmakers--Rick Catlin, from New Hanover County, and Chris Millis, representing Onslow and Fender counties--whose coastal region attracts the most filming. But Johnny Griffin, director of Wilmington Regional Film Commission Inc., says the proposal would be worthless. "The companies that we are dealing with are mainly coming here, spending money and then leaving."

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A bigger slice of a much larger pie Investment from film and TV productions in North Carolina has increased since credits were raised. 2008 Credits $69.3 million Investment $91.9 million 2009 Credits $7.7 million Investment $78.5 million 2010 Credits $9.3 million Investment $75.0 million 2011 Credits $11.2 million Investment $220.0 million 2012 Credits $37.5 million Investment $376.0 million Sources: N.C. Department of 2012 Revenue; N.C. Film Office Note: Table made from pie chart. The credit is probably safe--for now. In April, the bill was referred to the rules, calendar and operations committee, where many end up collecting dust. But a larger threat looms. A recent memo from the General Assembly's Fiscal Research Division to state Sen. Bob Rucho, a champion of tax reform, questioned the effectiveness of the...