WWE May Lose Tax Break in North Carolina
Posted by Jeremy Thomas on 04.27.2014
The state may cut out breaks for TV and films...
- North Carolina is considering ending a tax break for film and TV productions in the state that could cost WWE. According to The Charlotte Observer, lawmakers in the state are set to debate over a tax break program for productions that film there, which is currently set to expire in 2014. The article notes that a current draft of the new program would leave many of the incentives in place but cut the breaks for late-night shows, reality television and wrestling.
WWE saved $570,000 from its tapings in the state from 2010 and 2011, meaning that it's no small potatoes for the company considering how often they actually tape there. Tax break programs are common in a lot of states; on one hand they short the state a bit in that specific tax revenue but on the other hand they generally bring a host of jobs and commercial revenue to the area. As an extreme example, WrestleMania 28 brought over $100 million dollars to the economy in Miami and generated approximately $15.3 million in local, state and county taxes.
The article quotes WWE spokesperson Tara Carrano as saying, "WWE applies for applicable film and tax credits offered by any state where we do business just like many other production companies do." She noted that the company would still work North Carolina even if the tax breaks were eliminated.