Gov. Nathan Deal signed into law Monday a measure that deepens the state’s vested interest in supporting and benefiting Georgia’s entertainment industry.
House Bill 155, dubbed the the Georgia Music Investment Act, is the the third leg of the state’s efforts to retain and grow creative talent and the first tax incentive targeted for musicians and music production. It offers a 15 percent refundable tax incentive to music projects or tours in Georgia. Companies that produce work in more rural parts of Georgia are eligible to receive an additional 5 percent credit.
“This is a huge milestone for Georgia’s music scene,” Stephen G. Weizenecker, who serves on Deal’s Advisory Commission on Film, Music, and Digital Entertainment and on the state’s Legislative Study Committee on Music and Economic Development, said in a statement, “and will afford many new opportunities to artists and companies that operate here.”
The bill, sponsored by state Rep. Amy Carter, R-Valdosta, has a sunset of five years, after which the credits would end unless reapproved.
“Music made by Georgians, whether it’s the names you know or one of the thousands of unknown creatives behind the scenes, is one of Georgia’s biggest international exports,” Carter said when introducing the bill.
With the governor’s signature, it goes into effect July 1.