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GA HB1015
Bill
Status
Introduced
2/11/2016
Primary Sponsor
Matt Dollar
Click for details
AI Summary
- Creates a state income tax credit equal to 15% of base investment for qualified music festival production companies certified by the Department of Economic Development
- Qualified music festivals must have expenditures exceeding $250,000, project at least 30,000 visitors per day, and last at least three days
- Caps the aggregate tax credit at $5 million for taxable years from January 1, 2016, through January 1, 2020, with a maximum of $1.25 million per company per year
- Allows unused tax credits to be carried forward for five years and permits transfer or sale of earned credits to other Georgia taxpayers, subject to notification and compliance requirements
- Requires the Department of Economic Development to submit an annual report by January 30 to legislative committees and the Governor detailing approved festivals, participating companies, and estimated economic impact
Legislative Description
"Georgia Music Festival Tourism Act"; enact
Last Action
House Second Readers
2/17/2016
Full Bill Text
No bill text available