Bill to Boost GA Music Economy - ProSoundNetwork.com

Bill to Boost GA Music Economy

Governor Nathan Deal recently signed a bill—Georgia Music Investment Act—that is expected to create thousands of new job opportunities for Georgia's music industry, including in the touring, recording and post sectors.
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Atlanta, GA (July 13, 2017)—Governor Nathan Deal recently signed a bill—Georgia Music Investment Act—that is expected to create thousands of new job opportunities for Georgia's music industry, including in the touring, recording and post sectors.

"We have started another phase in the progression of the State of Georgia as a hub for the production of entertainment", said Governor Deal of the Georgia Music Investment Act (House Bill 155). "I am pleased with the resulting legislation and look forward to a bright future for our music industry." The result of a seven-year-long campaign, the legislation is expected to add 10,000 jobs to Georgia’s economy.

The Georgia Music Investment Act offers a 15 percent refundable tax credit, beginning in 2018, to recording and scoring projects as well as musical and theatrical live tours from around the country and the world to rehearse (for a minimum of seven days) and start in the state. To qualify, a production company must meet a minimum threshold of $500,000 for live performance rehearsals, $250,000 for stand-alone scoring projects (aggregate in a year) and $100,000 (aggregate in a year) for recorded music performances. If the production takes place in lesser-developed Tier 1 and Tier 2 counties, it can qualify for an additional 5 percent credit.

The bill will sunset after five years unless reapproved.

The bill passed the Georgia House of Representatives 157-11 and the Georgia Senate 46-7, reportedly thanks to the leadership of Representative Amy Carter (R - Valdosta, GA) and Senator Jeff Mullis (R - Chickamauga). HB-155 is expected to create thousands of new job opportunities for Georgia's diverse music industry (which currently generates $3.7 billion) just as other tax incentives have expanded Georgia's film, TV and video game industry to more than $7 billion.

Georgia Music Partners
georgiamusicpartners.org