Get Nc-415 Tax Credit For Qualifying Expenses Of A Web Film Or ...

The NC-415 form is essential for production companies seeking tax credits for qualifying expenses incurred in North Carolina. This guide provides clear and detailed steps to assist users in completing the form correctly and efficiently online.

Follow the steps to accurately complete the NC-415 form.

1. Click the ‘Get Form’ button to access the NC-415 form and open it in your preferred online editor.
2. Begin filling in the required fields, starting with the 'Return for Year Ended' section where you will specify the appropriate tax year in MM-DD-YY format.
3. Enter your Federal Employer Identification Number (FEIN) or Social Security Number (SSN) without dashes in the designated field.
4. Provide the name of the individual or entity, along with the address, city, state, zip code, contact person, and their phone number.
5. Indicate the date when production activities were completed in MM-DD-YY format.
6. Fill in the circle corresponding to the tax form you are filing: Individual (D-400), C-Corp (CD-405), Estate or Trust (D-407), S-Corp (CD-401S), or Partnership (D-403).
7. In Part 1, provide information about the production including the number of people employed in North Carolina and a description of the production. List all counties in North Carolina where production took place.
8. For Part 2, calculate qualifying expenses. Separate each expense into categories: total expenses for goods, services, compensation, and fringe contributions. Ensure you do not include the excess amount for highly compensated individuals.
9. Add up the qualifying expenses in Line 5. If the total is $250,000 or less, stop here as you are not eligible for the credit.
10. Multiply the amount in Line 5 by 25% (.25) to calculate the credit for qualifying expenses on Line 6, ensuring it does not exceed $20,000,000 for feature films.
11. In Part 3, certify that you meet the requirements for claiming the tax credit by signing and dating the form.
12. Finally, save your changes. You can download, print, or share the completed form as required.

Complete your NC-415 form online today to take advantage of available tax credits.