North Carolina Creates New Tax Incentive Opportunity for Digital Media Companies

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On July 22, 2010, North Carolina Governor Beverly Purdue signed into law legislation that creates a new and innovative tax credit for companies developing interactive digital media, including video game companies and developers of online virtual worlds and interactive websites that allow consumers to create and manipulate certain digital goods (i.e., avatars in role-playing scenarios).

WHAT THIS MEANS

Interactive digital media developers that are currently located in North Carolina — as well as those contemplating doing business in North Carolina — should evaluate their business activities to take full advantage of the tax benefits of this tax incentive credit when it becomes effective next year. Specifically, we encourage companies to consider joint ventures with educational institutions for the purpose of maximizing the benefits provided by the North Carolina credit.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reed Smith | Attorney Advertising

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