GEORGIA MUSIC PARTNERS SUCCESSFULLY BROUGHT TOGETHER
VARIOUS INDUSTRIES TO ACHIEVE TAX INCENTIVE
FOR MUSIC INDUSTRY
Tax Incentive Expected To Boost Music Industry in Georgia
ATLANTA — Georgia Music Partners (GMP) and more than 200 music-related businesses applaud the passage of the Georgia Music Investment Act (House Bill 155), signed into law by Georgia Governor Nathan Deal. “We have started another phase in the progression of the State of Georgia as a hub for the production of entertainment”, said Governor Deal. “I am pleased with the resulting legislation and look forward to a bright future for our music industry.”
The bill passed the Georgia House of Representatives 157–11 and the Georgia Senate 46-7, thanks especially to the leadership of Representative Amy Carter (R. Valdosta, GA) and Senator Jeff Mullis (R – Chickamauga). HB-155 is expected to create thousands of new job opportunities for Georgia’s diverse music industry — currently $3.7 Billion economic impact — just as other tax incentives have expanded Georgia’s film, TV and video game industry to more than $7 billion.
“We applaud Governor Deal and the Georgia legislature for recognizing the economic and cultural significance of music production,” said Recording Industry Association of America SVP of State Public Policy and Industry Relations Rafael Fernandez, Jr. “The Georgia Music Investment Act will serve to attract businesses and music creators, securing Georgia’s place as a leading music state.”
“This is a great day not only for Georgia and Georgia music, but for musicians and artists all over the world,” said musician Chuck Leavell. “I have no doubt that this bill will result in a tremendous influx of activity in music in our state, and all of Georgia will benefit. Thanks to Governor Deal, Senator Jeff Mullis, Representative Amy Carter and all the legislators for supporting this important bill!”
The Georgia Music Investment Act (HB-155) is a 15-20% incentive that will incentivize recording and scoring projects as well as live tours from around the country and the world to rehearse and start in the state. To qualify, a production company must meet a minimum threshold of $500,000 for live performance rehearsals, $250,000 for stand-alone scoring projects (aggregate in a year) and $100,000 (aggregate in a year) for recorded music performances. If the production takes place in lesser-developed Tier 1 and Tier 2 counties, it can qualify for the additional 5% credit.
Georgia Music Partners President Tammy Hurt added, “Now the work of capitalizing on opportunities can begin as we look forward to working with the talented Georgia music businesses to attract new opportunities to Georgia.”
The bill was sponsored by Rep. Amy Carter (R – Valdosta). Co-sponsors are Rep. Bert Reeves (R – Marietta), Rep. Matt Hatchett (R – Dublin), Rep. Spencer Frye (D – Athens), Rep. Lee Hawkins (R – Gainesville), Rep. Ron Stephens (R – Savannah) with support from Sen. Jeff Mullis (R – Chickamauga).
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About Georgia Music Partners
Georgia Music Partners (GMP) is the authority that grows and improves the music economy in Georgia. GMP encourages the state’s musicians, music professionals, educators and legislators to work together to further develop Georgia’s music industry through creativity and innovation. GMP is actively engaged with educators, local and state governments, business organizations, and music business leaders in pursuit of cooperation that promotes growth for all stakeholders. Through these partnerships, the organization seeks to develop programs, which enable the state to better market the music business in Georgia, and works to attract investment dollars for music technology companies to headquarter in the state. GMP seeks not only to sustain the music industry, but also holistically grow Georgia’s economy.
Source: Press Release