Gov. Nathan Deal signed two new bills on Tuesday expanding tax credits offered to George’s film and gaming industries, post-production facilities, and giving Atlanta’s Woodruff Arts Center a tax break to help finance the renovation of their Alliance Theater.
According to reports, House Bill 199 will reportedly provide “20 percent tax credit for post-production companies with at least a $250,000 payroll in Georgia. The companies must also spend at least $500,000 per tax year to qualify.”
And this is good news, while many TV shows and movies have filmed in Georgia thanks to the state’s tax credit, many of post-production part of the business was done outside of the state.
The new credit for post-production work will be capped at $5 million next year, $10 million in 2019 and $50 million for 2020 through 2022. Moreover, a single company cannot get more than 20% of the total statewide credit available in a given year.
Also, there is a provision for video game companies to qualify for tax credits. It reduces the total Georgia payroll requirement to be eligible for a credit from $500,000-$250,000 if the game a company makes an initial investment of at least $500,000 in two years.
Also, House Bill 256 “exempts from state and local sales taxes building materials used for renovating or expanding performance arts venues run by a nonprofit organization containing an art museum, symphonic hall, and theater.”
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