AN ACT to conform the tax credit for production companies to the standard tax treatment with Respect to the deduction of business expenses.

The General Assembly of North Carolina enacts:

SECTION 1. G.S. 105‑130.5(a)(18) is repealed.
SECTION 2.  G.S. 105‑130.47(i) is repealed.
SECTION 3.  G.S. 105‑134.6(c)(9) is repealed.
SECTION 4.  G.S. 105‑151.29(i) is repealed.
SECTION 5.  This act is effective for taxable years beginning on and after January 1, 2007.
In the General Assembly read three times and ratified this the 27th day of July, 2006.

	s/	 Beverly E. Perdue
	 President of the Senate

	s/	 James B. Black
	 Speaker of the House of Representatives

	s/	 Michael F. Easley
	 Governor

Approved 11:54 a.m. this 8th day of August, 2006