GEORGIA HOPES TO EXPAND FILM INDUSTRY IN-STATE WITH NEW POST-PRODUCTION AND VIDEO GAME DEVELOPMENT CREDITS
Georgia’s film industry took off over the past nine years due largely to their generous tax credit program, which contributed to the establishment of permanent industry in the state. The Peach state now sits as the third most popular filming location in the US behind California and New York and the local economy has reaped the benefits and created permanent jobs. Georgia Governor Nathan Deal further solidified the growing industry by signing two bills that provide further credits for post-production and video game development. Other states such as New York have introduced similar programs aimed at capturing the significant spending associated with production wrap up. The industry reportedly generated $7.2 billion to the economy, more than the double the amount even four years ago in 2013 and these bills will continue that trend in economic benefits for the state.
The bill specifically allows for a 20% credit for qualifying post-production companies that incur at least $250,000 of payroll in Georgia with a minimum spend of $500,000. Program caps for the next 5 years are $5 million in 2018, $10 million in 2019 and $15 million for 2020-2022. Large productions, such as Marvel movies, The Hunger Games and others have utilized Georgia’s credit effectively for principal photography and with this additional credit, Georgia hopes to capture some of the benefits provided by those large productions with considerable post-production budgets. Hollywood South continues to grow significantly and with support from the state government, the industry continues to flourish.