ANNOUNCEMENT 08 May 2017
The value of the available tax credits rises from $5 million in 2018 to $15 million in 2020.
NUMBER OF INTERVENTIONS
On May 8, 2017 the governor of Georgia signed into law a bill (House Bill 155), known as the Georgia Music Investment Act, that creates a 15% refundable tax incentive for musical projects recorded or scored in Georgia and for tours that rehearse and start in the state. The tax credits allowed in 2018 are limited to $5 million, but the value rises to $10 million in 2019, and $15 million each in tax years 2020-2022. The law provides that, “The tax credits allowed under this Code section shall not be available for taxable years beginning on or after January 1, 2023,” and the “maximum allowable tax credit under this Code section claimed by a single production company and its affiliates shall not exceed, in any single taxable year, 20 percent of the aggregate amount of tax credits available for such taxable year.”