GA HB 1330 - A BILL to be entitled an Act to amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, computation, exemptions, and credits from state income tax, so as to provide that all expenditures of a production company's state certified productions may be combined to meet spending thresholds; to lower spending thresholds; to increase the value of the tax credit; to provide for transferability of the tax credit; to provide for conditions and limitations; to revise a definition; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.
Back in May 2017, Governor Deal, signed the Georgia Music Investment Act (GMIA). This bill was based on, and similar to the film industry’s tax credit bill, only this one was for the music industry only. The goal of GMIA is to encourage the growth of Georgia’s music industry, and to create and sustain job growth.
HB 1330 is an amendment bill and should hopefully bring the music tax credits offered in GMIA, in alignment with the current credits being offered to the film/TV industry. These amendments will also make Georgia more competitive with other states such as Tennessee, Maryland, New York, and Louisiana that also offer music tax credits.
HB 1330 increases the base tax credit from 15% to 30% for all three components of the bill, which are:
1) Recorded music in studios - Studio owners.
2) Tour origination and rehearsals. The goal is to attract big tours to rehearse and originate their tours here in the state. This component of HB 1330 has huge economic benefits.
3) Recorded music that is scored for film/TV, orchestras & symphonies, and video games.
Lamb Management & Consulting supports HB 1330.