Vote Smart's Synopsis:

Vote to pass a bill that establishes tax credits for theater and film production companies.

Highlights:

• Establishes the Georgia Music and Theater Jobs Recovery Act (Sec. 4, Pg. 3).

• Establishes an income tax credit for production companies that invest in a production within the state if their expenditures meet certain thresholds, subject to credit caps (Sec. 4, Pg. 6).

• Authorizes a production company to aggregate qualified expenditures from one or multiple performances throughout the course of a taxable year to meet spending thresholds (Sec. 4, Pg. 5).

• Specifies that the tax credits do not count as income for the production companies (Sec. 4, Pg. 8).

• Prohibits the amount of the tax credit from exceeding the production company’s income tax liability for that taxable year (Sec. 4, Pg. 9).

• Exempts any portion of a single employee’s salary that exceeds $500,000 for a single production when calculating total aggregate payroll (Sec. 4, Pg. 5).

• Amends Georgia law regarding taxation of nonresidents’ and non-domestic companies’ income from activities performed within the state (Sec. 2, Pg. 2).

• Repeals all existing laws in conflict with this act (Sec. 6).

• Specifies that this act takes effect January 1, 2023, and applies to state productions certified on or after said date (Sec. 5, Pgs. 9 & 10).

Full Bill Text