The Georgia House has just approved HB1180, legislation closely followed by the entertainment industry since it alters a key element of the transferable tax credit that’s drawn film and television production to the Peach State — capping the amount that can be transferred in any one year.
The change would only impact companies or producers that don’t have Georgia tax liability. They can’t use the tax credits so sell (or transfer) them to local high-worth individuals or businesses in what’s become a booming market. The annual cap will not apply to Georgia-based producers like Tyler Perry, who can use the credits directly.
The bill now heads to the Senate, then to the governor’s desk. Prevailing wisdom sees it sailing through, as it did in the House, with a 131-34 vote, albeit with some opposition on the floor from members who highlighted the tax credit’s $4 billion...
The change would only impact companies or producers that don’t have Georgia tax liability. They can’t use the tax credits so sell (or transfer) them to local high-worth individuals or businesses in what’s become a booming market. The annual cap will not apply to Georgia-based producers like Tyler Perry, who can use the credits directly.
The bill now heads to the Senate, then to the governor’s desk. Prevailing wisdom sees it sailing through, as it did in the House, with a 131-34 vote, albeit with some opposition on the floor from members who highlighted the tax credit’s $4 billion...
- 2/29/2024
- by Jill Goldsmith
- Deadline Film + TV
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