Proposed Changes to Film and TV Tax Credits
Audits Concerns Raised
According to Reason, Georgia lawmakers are trying to change the rules for film and TV tax credits in the state. Right now, if a production spends a lot of money in Georgia they can get big tax breaks. But audits show that these tax breaks don’t always help the state’s economy. They sometimes cost more than they bring in with each job created costing taxpayers a lot of money.
READ ALSO: Tax Credits – State Duty Cannot Be Replaced, Claims Headline!
Big Studios Set to Keep Benefits Unchecked: Georgia Lawmakers Film Tax Credit Overhaul Faces Criticism for Lacking Major Changes! (PHOTO: Reason Magazine)
Georgia Lawmakers Proposed Changes to Film Tax Credit Program
Georgia lawmakers wanted to make some small changes to the program. They suggested making the minimum investment higher and putting a limit on how many credits could be sold. But the latest version of the bill seems to make these changes useless. It includes exceptions for big productions which means the limits won’t matter. This could let large studios keep getting benefits without any restrictions. Even though there are concerns about how effective the program is it looks like the Georgia lawmakers are not making big changes. While they want to support the film industry in Georgia some people think the current system isn’t fair. They say it mostly helps big companies and costs taxpayers a lot. As the discussions continue there’s pressure on Georgia lawmakers to either fix the program or put stricter rules to make it fairer for everyone.
READ ALSO: $0 Vs. $110 Tax Rebate Showdown Of Arizona Vs. Federal Government: A Battle Over Taxation!
