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GA HB956
Bill
Status
Introduced
2/9/2016
Primary Sponsor
Albert Reeves
Click for details
AI Summary
- Creates a 20% Georgia income tax credit for production companies that incorporate recorded musical performances written, created, arranged, recorded, or synchronized in Georgia into state certified productions, with a minimum qualified production expenditure threshold of $300,000
- Provides an additional 5% tax credit if the production includes a qualified Georgia promotion, such as a five-second Georgia logo in trailers/credits or embedded promotions in broadcasts
- Allows unused tax credits to be transferred or sold to other Georgia taxpayers at a minimum of 60% of the credit value, with unused credits carrying forward for up to five years
- Covers qualified production expenditures including writing, composing, arranging, recording, mixing, mastering, engineering, synchronization, license fees, facility/equipment rentals, payroll, and talent fees, but excludes expenditures already claimed under other state tax credits, music producer fees exceeding 20% of total expenditures, and any costs incurred before July 1, 2016
- Assigns the Department of Economic Development to certify qualifying productions and requires an annual report to legislative committees and the Governor detailing approved alternative marketing opportunities and their estimated value to the state
Legislative Description
"Georgia Musical Recording and Synchronization Act"; enact
Last Action
House Second Readers
2/11/2016
Full Bill Text
No bill text available