Excerpt from Deadline.
A Georgia House subcommittee left unchanged a cap on tax credits that can be transferred each year as pols tinker with the 15-year old film and television production incentives prized by the industry that have transformed the state into a major player in the entertainment economy. “It isn’t what we were hoping for, that’s for sure,” said one Georgia industry insider. He and others expected the cap would have been raised or otherwise changed in a second version of the bill presented today. It still may be as the legislation heads to the full Ways & Means Committee, then to the full House.
Auditing was tightened up a few years ago but the state’s rich 30% incentives have had no cap and relatively few requirements beyond displaying the Georgia Peach logo in credits. The film and TV credits are among the state’s largest across industries, accounting for $1.2 billion at peak production post-Covid. Rep. Kasey Carpenter, who drafted the bill for the Income Tax subcommittee of House Ways & Means, called the ongoing number quite large but also too unpredictable, leaving the state open to potential shortfalls for other projects. See more here.
