There are numerous tax advantages available for investors in Wesley and other motion picture projects produced in North Carolina.   This page is intended  as a courtesy to provide general information for those considering investing in a North Carolina-based film production.  Investment in Wesley is by private offering only.

FEDERAL TAX BENEFITS

• The American Jobs Creation Act of 2004 changed the manner in which investment in films may be written off.
• Full investment may be written off entirely in first year as simple business expense or carried forward as appropriate to provide maximum offset for income.
• Previous accounting rule required capitalization over 15 years - thus providing little offset for income from sales of film, usually highest in years 2-5.
• Consult your tax advisor!

NC FILM INCENTIVE

• NC Film Industry Jobs Creation Act
• Signed August, 2006
• At close of production, LLC files report of qualified expenditures in NC - in our case, over 95% of budget
• State reimburses the LLC 15% as a cash rebate
• Rebate becomes part of initial cash flow and is returned to investors

NC STATE RESIDENT BENEFITS

Qualified Business Venture Tax Rebate

• Foundery Pictures I, LLC is certified by NC Secretary of State as QBV
• State tax rebate of up to 25% of cash investment, for up to $50K investment.
• Direct cash credit on NC State taxes – available to anyone who pays taxes in NC
• May be carried forward up to 5 years as needed
  
• Cash rebate for all QBV capped at $7,000,000/yr.