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Georgia Cap On Film & TV Production Tax Credits Clears House Committee; Local Industry Laments At Packed Hearing
A Georgia House subcommittee left in place an annual cap on tax credit transfers in a revised bill, dismaying the film & TV industry.
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. 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. Local producers like Tyler Perry or others based in Georgia can access the tax credits in full each year because they are using them, not selling/transferring, which could have the effect of nudging studios others to set up shop directly in the state.
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