As expected, Governor Deal signed HB 155 also known as the Georgia Music Investment Act. The purpose of the bill is to expand the opportunities within the entertainment industry in Georgia. The bill offers up to a 20% refundable tax incentive for musicians touring and producing in Georgia.
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 pictured above) and Senator Jeff Mullis (R – Chickamauga). Georgia Music Partners stated that 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.
From GMP statement in March:
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.
“This incentive is the missing link for our state’s music industry to truly flourish. The music business has already contributed so much to our great state, but I am now looking forward to watching this tax incentive create job opportunities while simultaneously rebuilding the music ecosystem in Georgia,” said Senator Mullis.
“The Georgia Music Investment Act will lead the way in attracting investment in Georgia from around the world.” “It’s no secret that the roots of music in Georgia go back generations … we represent all genres, from classical and rock, to hip hop and rap, to jazz and bluegrass — Georgia has it all,” said Georgia Music Partners President Tammy Hurt. “It is extraordinarily gratifying to see music creators, educators, lawmakers and businesses — inside and outside the state — united behind the first-ever targeted incentive for music in Georgia. If utilized to its fullest extent, HB-155 will be a total game changer for our music industry.”