Title: Establishes Tax Credits for Theater and Film Production Companies
Vote to pass a bill that establishes tax credits for theater and film production companies.
Establishes the Georgia Music and Theater Jobs Recovery Act (Sec. 4, Pg. 3).
Establishes an income tax credit for production companies that invest in a production within the state if their expenditures meet certain thresholds, subject to credit caps (Sec. 4, Pg. 6).
Authorizes a production company to aggregate qualified expenditures from one or multiple performances throughout the course of a taxable year to meet spending thresholds (Sec. 4, Pg. 5).
Specifies that the tax credits do not count as income for the production companies (Sec. 4, Pg. 8).
Prohibits the amount of the tax credit from exceeding the production company’s income tax liability for that taxable year (Sec. 4, Pg. 9).
Exempts any portion of a single employee’s salary that exceeds $500,000 for a single production when calculating total aggregate payroll (Sec. 4, Pg. 5).
Amends Georgia law regarding taxation of nonresidents’ and non-domestic companies’ income from activities performed within the state (Sec. 2, Pg. 2).
Repeals all existing laws in conflict with this act (Sec. 6).
Specifies that this act takes effect January 1, 2023, and applies to state productions certified on or after said date (Sec. 5, Pgs. 9 & 10).
Title: Establishes Tax Credits for Theater and Film Production Companies