Courtesy of Georgia Entertainment News
We were very happy to see this announcement today regarding a review of the film tax credit by the state. This announcement sets in motion a meaningful evaluation of the credit before adjustments, enhancements or changes are made. We will have more later in our coverage of the legislative session. Today, Speaker of the House Jon Burns and Lt. Governor Burt Jones join with Governor Brian Kemp to announce that the Georgia General Assembly will undertake a thorough review of all Georgia tax credits, including Georgia’s film tax credit, later this year. This review is meant to support Georgia businesses while ensuring a significant return on investment for Georgia’s taxpayers.
The review process will take place in the interim between the 2023 and 2024 sessions of the Georgia General Assembly so that any legislative changes which may be proposed could be considered during the 2024 session. The House and Senate will work with the Governor’s Office of Planning & Budget, the Georgia Department of Economic Development, and the Georgia Department of Revenue as well as industry stakeholders throughout the process. Further details on the review process will be announced after the 2023 session adjourns.
“We take pride in Georgia being the best state in the nation for business, and we have worked year after year to carefully craft an incentive structure that promotes job growth,” said Speaker Jon Burns. “It is incumbent on us to ensure our tax credits continue to provide good value while keeping the tax burden on all Georgians as low as possible. We will be very deliberate in this examination, and the House is committed to working with the Senate and Governor Kemp’s administration to keep Georgia the state that businesses and families want to call home.”
“I look forward to working together with Governor Kemp and the House to undertake a comprehensive review of Georgia’s tax credits,” said Lt. Governor Burt Jones. “This process was initiated by last year’s income tax reform bill, which I supported as a Senator. The work of this group is critical and I look forward to the report that will be issued by the end of the year. This effort is a key step in ensuring that all tax credit programs provide a sound return on investment while giving Georgians a new opportunity to consider reductions of the state income tax.”
“As the No. 1 state for business, we’re proud to welcome jobs and opportunity from a wide range of industries, and we’re grateful for policies that directly benefit hardworking Georgians,” said Governor Brian Kemp. “As we work with our legislative partners to review the current impact of our various tax credits, we remain committed to keeping Georgia a welcoming state for opportunity while also being good stewards of taxpayer trust.” --- From the entertainment capital of the world, Georgia Entertainment News is the leading source of news, analysis and commentary for the film, broadcast, music and gaming industries. Via our publications, partnerships, social outlets and events we serve thousands of producers, directors, entertainment executives and political leaders in Georgia and beyond. www.GeorgiaEntertainmentNews.com