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Updated, 5:59 Pm: Proposed changes to Georgia’s best-in-the-country film incentives program have been scrapped. The proposed changes, which would have capped tax credits at $900 million a year and banned film companies from selling the credits to third parties, had been backed by Georgia’s Senate Finance Committee but got no further in the legislative process.
Previously, March 29: A bill pending in the Georgia legislature would put a cap of $900 million on the amount of tax incentives the state gives to filmmakers each year, which has turned Georgia into one of the nation’s top filming destinations. That $900 million, which is about what the state pays out now each year, is more than any other film rebate in the country, and more than double California’s current $440 million in tax credits.
The proposed cap, which is backed by Georgia’s Senate Finance Committee, would also prohibit film companies from...
Previously, March 29: A bill pending in the Georgia legislature would put a cap of $900 million on the amount of tax incentives the state gives to filmmakers each year, which has turned Georgia into one of the nation’s top filming destinations. That $900 million, which is about what the state pays out now each year, is more than any other film rebate in the country, and more than double California’s current $440 million in tax credits.
The proposed cap, which is backed by Georgia’s Senate Finance Committee, would also prohibit film companies from...
- 3/31/2022
- by David Robb
- Deadline Film + TV
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A committee of the Georgia State Senate voted on Monday to cap the state’s lucrative film and TV tax credit at $900 million per year.
The tax credit has made Georgia a major hub of film and TV production over the last decade. Last year, the credit soared to a record $1.2 billion as production exploded in the state following the pandemic.
The program is currently uncapped, meaning that all productions that spend at least $500,000 in the state in a year are guaranteed a 30% credit on their expenses. The credits are also transferrable, meaning that studios can sell them at close to face value to other taxpayers.
The Senate Finance Committee proposal would cap the program and make credits non-transferrable. If the latter provision became law, studios could only take advantage of the credit to the extent that they have tax liability in the state, significantly reducing the credit’s value as a production incentive.
The tax credit has made Georgia a major hub of film and TV production over the last decade. Last year, the credit soared to a record $1.2 billion as production exploded in the state following the pandemic.
The program is currently uncapped, meaning that all productions that spend at least $500,000 in the state in a year are guaranteed a 30% credit on their expenses. The credits are also transferrable, meaning that studios can sell them at close to face value to other taxpayers.
The Senate Finance Committee proposal would cap the program and make credits non-transferrable. If the latter provision became law, studios could only take advantage of the credit to the extent that they have tax liability in the state, significantly reducing the credit’s value as a production incentive.
- 3/30/2022
- by Gene Maddaus
- Variety Film + TV
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