Georgia Could Tighten Film Tax Credit, Give Sports Tax Break
Georgia lawmakers are moving to tighten the state's tax subsidies for television and movies. At the same time, they're proposing a new tax subsidy aimed at luring major sporting events. Television and movie production has boomed in Georgia, but so has the amount of state income tax money that Georgia is giving back to production companies.
The film tax credit, which rebates up to 30% of a production's value, cost nearly $900 million in foregone tax revenue last year. Two audits this year were critical of the tax credit, finding that some companies receiving tax credits didn't earn them.