Governor Deal Signs Georgia House Bill 1027
State adopts amendments to Georgia Entertainment Industry Investment Act
ATLANTA, May 2, 2012 - Today, Governor Nathan Deal signed House Bill 1027, a bill amending several elements of the 2008 Georgia Entertainment Industry Investment Act. Amendments to the previous legislation include increasing marketing value for the state through legislated logo placement and establishing a cap on interactive entertainment projects. These amendments will take effect January 1.
"Since the adoption of the current tax incentive program the economic impact of the entertainment industry has increased more than 1,000 percent," said Deal. "This 30 percent tax credit is essential to the continued growth of the industry, and I will fight to make sure it stays in place for as long as I am governor."
The 2008 Georgia Entertainment Industry Investment Act helped the state's entertainment industry achieve record numbers. Georgia is now among the top five states in the nation for film and TV production with more than 336 productions shot in Georgia from July 2010 through June 2011, bringing more than $683.5 million in investment in Georgia. These projects have generated an economic impact of $2.4 billion.
"In addition to the direct spend of film and television projects, Georgia has experienced a tremendous growth in infrastructure and support services in the last five years," stated GDEcD Commissioner Chris Cummiskey. "It is important to note the companies who expanded or relocated to Georgia are not eligible for the film tax credit - they are here due to the unprecedented level of business."
The Georgia Entertainment Industry Investment Act provides an income tax credit of 20 percent to qualified productions, and an additional 10 percent tax credit to productions that embed a Georgia promotional logo in the titles or credits, or as product placement within the content of the production. The tax credits may be awarded not only to traditional feature films, television series, commercials and music videos, but also to innovative new industries such as video game development and animation.
About GDEcD
The Georgia Department of Economic Development (GDEcD) plans, manages and mobilizes state resources to attract new business investment to Georgia, drive the expansion of existing industry and small business, locate new markets for Georgia products, inspire tourists to visit Georgia, and promote the state as a top destination for arts events and film, music and digital entertainment projects. For more information, visit Georgia.org.
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