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Posted: May 9, 2005 By: Aaron Weiler |
Home > GPP
News Room 2005 > New Incentives Energize Georgia's Entertainment Industry
Two New Film Projects Result From Bill's Passage
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Governor Perdue signs
Entertainment Industry
Investment Act in a ceremony
at Turner Studios
© 2005 Terry Thomas for GPP
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ATLANTA, Georgia /GDEcD/ -- The Georgia Entertainment Industry Investment Act, signed May 9th by Governor Sonny Perdue in a ceremony at Turner Studios, will grow the state's film and video industry and level the playing field with its competitors, according to the Governor and the Georgia Department of Economic Development (GDEcD).
"Georgia has a long-established relationship with the film and entertainment
industry. Filmed here in our state, the HBO movie 'Warm Springs' demonstrates
our appeal as an attractive destination for these productions," said Governor
Sonny Perdue. "This legislation has the potential to bring many more film
projects to Georgia, generating a tremendous amount of economic benefit and providing
highly sought-after jobs."
Governor Perdue also announced two films to be produced in Georgia as a direct result of the new tax incentives. A music-driven ensemble comedy, produced by Warner Brothers Pictures in association with Sweet Tea Pictures and directed by Chris Robinson, will begin filming in metro Atlanta this summer. Local film and music impresario Dallas Austin is one of the film's producers. Also, writer/producer Tyler Perry will partner with Lions Gate Films and Reuben Cannon Productions for "Madea's Family Reunion," a follow-up project to Perry's highly-successful "Diary of a Mad Black Woman." These projects bring together two of Georgia's biggest entertainment strengths: its film industry and its music industry.
GDEcD officials say the bill's benefits will appeal not only to Hollywood, but to the thriving and successful industry already in the state. Austin and Perry as well as other local, high-powered producers will reap just as many benefits from the newly-passed tax incentives as those based outside Georgia. Additionally, the bill is one of the first in the country formulated in the expectation it would help grow the game development industry.
"The film and video industry offers Georgia a tremendous economic boost through direct and indirect spending, tax revenue generation and the tourism recognition that comes with a locally-filmed production," said Craig Lesser, commissioner of the Georgia Department of Economic Development. "The industry supports a variety of other Georgia business sectors, without requiring communities to expand their infrastructures to accommodate it."
"This legislation gives Georgia much more aggressive business investment tools, enabling us to be more competitive in site location decisions," said Greg Torre, director of the Georgia Film, Video & Music Office. "We've been meeting with industry officials to get the word out about the new incentives, and feel we are now better positioned to capture more film and video productions to the state, especially films set in Georgia. More importantly, this legislation will help our local independent filmmakers to succeed right here in Georgia."
- The bill offers a nine percent base tax credit to production companies who spend at least $500,000 in services, materials and labor for a production project in Georgia.
- Companies receive an additional three percent credit for hiring Georgia residents.
- Companies can receive yet another three percent credit if they film in counties which have not to date been as competitive in this market.
- Finally, if a company involved in multiple television projects invests more than $20 million in the state, it is entitled to an additional two percent credit.
Since the inception of the Georgia Film, Video & Music Office in 1973, more than 500 major motion pictures and television movies have filmed on location in the state. As a result, more than $3 billion has been generated for the state's economy. In 2004, 252 productions including movies, TV episodes, commercials and music videos accounted for $123.5 million injected into the state's economy.
The Georgia Department of Economic Development (GDEcD) is the state's sales and marketing arm, the lead agency for attracting new business investment, encouraging the expansion of existing industry, locating new markets for Georgia products, attracting tourists to Georgia, promoting the state as a point of origination for film, video and recording projects, as well as planning and mobilizing state resources for economic development.
For more information, visit the Georgia Film, Video & Music Office Web site or call 404.962.4078
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