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GA HB1330
Bill
Status
Engrossed
3/15/2022
Primary Sponsor
Calvin Smyre
Click for details
AI Summary
- Renames the "Georgia Musical Investment Act" to the "Georgia Music and Theatre Jobs Recovery Act" and increases the base tax credit for qualified production expenditures from 15% to 30%, with an additional 5% credit available for expenditures in tier 1 or tier 2 counties
- Lowers spending thresholds significantly: from $500,000 to $100,000 for musical or theatrical performances, from $250,000 to $50,000 for recorded musical performances synchronized with film/TV/games, and from $100,000 to $50,000 for all other recorded musical performances, with production companies allowed to aggregate expenditures across multiple productions in a taxable year
- Extends the tax credit program through January 1, 2028 (previously set to expire January 1, 2023), with aggregate annual caps phased in: $5 million (2023), $10 million (2024–2025), and $15 million per year (2026–2027), while reducing the credit carry-forward period from five years to three years
- Makes residual payments to nonresidents from state certified productions subject to Georgia income tax regardless of where the income is received, and applies Georgia income tax to the entire net income of any corporation derived from the sale, use, or lease of a state certified production for which a tax credit was claimed
- Requires the Department of Revenue to promulgate rules and regulations to obtain information necessary to enforce the nonresident taxation and corporate income provisions, effective January 1, 2023
Legislative Description
Georgia Music and Theatre Jobs Recovery Act; enact
Last Action
Senate Read and Referred
3/16/2022
Committee Referrals
Finance3/16/2022
Ways and Means2/14/2022
Full Bill Text
No bill text available