HB 155: Georgia Musical Investment Act; enactVoted on Friday March 3, 2017
John Pezold's thoughts
The Georgia Musical Investment Act provides an income tax credit of 15% of qualified production expenditures for musical or theatrical performances exceeding $500,000, a recorded musical performance whichis incorporated into or synchronized with a movie, television, or interactive entertainment production, exceeding $250,000, and for other recorded musical performances exceeding $100,000.
An additional 10% credit is allowed for expenses incurred in Tier 1 and Tier 2 counties.
If the amount of the credit exceeds the production company's income tax liability, the production company may utilize the tax credits against payroll taxes. Any unused credits are allowed to be carried forward for up to five years.
For 2018, the credit is capped at $5 million statewide, $10 million in 2019, and for each year from 2020 to 2024, it is capped at $15 million. The tax credit sunsets on January 1, 2024.
I voted NO because our state continues to carve out income and sales tax credits for entire industries and when it comes time to sunset, the legislature extends the credit. These special industries should not be privy to lifelong special treatment under the Georgia tax code when other industries are contributing to state operations.More information on legis.ga.gov
The table below breaks down the total number of votes, and marks the majority vote.
|Did not vote||5||2.8%|