The success of Georgia’s film industry in recent years has been well documented, as the state has become the third best place to film in the entire country after California and New York City, bringing in billions upon billion of dollars per year in financial impact. Much of that success is of course owed to the tax credits offered to the industry by Governor Nathan Deal and the state legislature, who produced one of the best fiscally-conservative success stories in recent memory.
This year the legislature turned their focus to the music industry via HB 155, the Georgia Musical Investment Act, which seeks to offer similar tax credits to those given to the film industry in an attempt to put the Peach State on par with New York and Los Angeles as a top scene for music makers.
Governor Deal with GMP President Tammy Hurt and other members of the GMP
Governor Deal signed the bill into law on Monday, setting the stage for the various tax credits and other incentives to become available in 2018. Those tax credits include a 15-20% break for musical projects that meet certain thresholds – $100,000 for recording projects, $250,000 for film scoring, and $250,000 for live performances. Between the musicians themselves, the vendors they use, and the performances they put on, HB 155 is projected to have a direct economic impact of over $2 billion and create over 10,000 jobs over the next five years.
The driving force behind HB 155 was the advocacy group Georgia Music Partners, who have been working behind the scenes at the State Capitol for the past few years putting the bill together. With experienced leadership, a well connected board, and some very high profile supporters including members of the Zac Brown band and The Rolling Stones, GMP has worked tirelessly to pull Georgia’s music industry up to the level of neighboring Nashville, and with this year’s victory they just might have done it.
Said the GMP’s legislative director Mala Sharma, “Georgia’s Musical Investment Act is the missing link needed to help bolster our entertainment production ecosystem. It is our hope that it will return Georgia to its rightful place of prominence as a leader in creating innovative music for the world to enjoy.”
