After reaping the rewards of the film and television industries by virtue of a series of tax incentives, Georgia has its eye set on another side of the entertainment business – music.
The State Capitol Wednesday played host to Georgia Music Day 2017, featuring several musical acts including Grammy-winning band Third Day and a host of legislator speakers including state Senator Jeff Mullis, Atlanta City Councilman Kwanza Hall, and state Rep. Amy Carter. The event coincided with Carter’s introduction of House Bill 155, the Music Investment Act, which aims to offer tax incentives to draw more of the music industry to the state.
The tax credits in the bill are similar to those enjoyed by the film and television industries. A 20% income tax credit would be given to music recorded and tours rehearsed in the state, with an additional 5% credit when those producers use a ‘Made in Georgia’ logo. Those tax breaks could be used not only for artists creating music for albums, but also for those writing scores for films, television, and video games, many of which are already made in the state.
The goal of the Georgia Music Partners, (the group behind Music Day and HB 155) is to put Georgia, and specifically Atlanta, on par with other major southern cities that have staked major claims to the music industry. While the Peach State may not have quite the connections that Austin and Nashville hold, it still boasts a sizable music economy. According to the GMP nearly 20,000 Georgians statewide are employed in the music industry, providing $3.6 billion in yearly economic impact and $122 million in tax revenue for the state and $188 million for local governments. With the opportunity to pull the music business up alongside the state’s burgeoning film and television industries, HB 155 looks like it makes a lot of sense for a state quickly becoming a major entertainment hub.
