The editorial in this morning's News & Record lambastes Congress for including a host of additional business tax breaks in the recently-enacted fiscal cliff legislation, including $15 million over two years for films shot in the U.S and a $70 million break over two years for NASCAR .
When the editorial staff finishes cooking their federal goose, they might take a gander at the special-interest tax goodies that are parts of the North Carolina tax code. According to the NC Department of Revenue, the state provides a $35.8 million annual corporate tax break to in-state movie production, including a refundable tax credit (the tax credit is set to expire in 2014) and $400,000 in tax breaks for aviation fuel and vehicle parts used in "professional motorsports." Motorsports facilities are also classified as a special business class that are eligible for tax credits for adding jobs or investing in property.
