Legislative Committee Recommends Tax Credit for Music Production in Georgia
A bipartisan legislative study committee is recommending that Georgia should institute a 30% to 35% tax credit for music-production expenses to help grow the state’s music industry. The committee says the tax incentive would encourage out-of-state productions to invest in Georgia musicians. The state should also set the amount of spending needed to qualify for the tax incentive to $25,000 for recorded musical productions and allow companies to aggregate multiple projects to meet that threshold. The committee also recommended lowering the spending threshold to earn the tax credit to $200,000 for musical or theatrical tours that start in Georgia. This would encourage productions, including Broadway touring companies and major musical acts, to launch their tours in Georgia. The committee heard from Georgia luminaries such as Chuck Leavell, the Georgia-based keyboardist for The Rolling Stones who previously played for The Allman Brothers Band…he noted that Georgia is losing music business to other states that offer more generous incentives and called on legislators to at least even the playing field with states like Tennessee, Louisiana and Pennsylvania.