Last March, the first-ever tax incentive for Georgia’s music industry was passed by the state legislature. The Georgia Music Investment Act officially went into effect with the new year and now the state of Georgia is open for business. In the following editorial, Tammy Hurt, managing partner for Endeavor Sound and a national trustee for the Recording Academy/Atlanta, and Stephen Weizenecker, partner at Barnes & Thornburg, LLP, outline the Act’s provisions, the application process—and its game-changing benefits.
“Strong music economies add significant economic and employment paybacks beyond their long-acknowledged cultural and social benefits”, according to the World Intellectual Property Organization. As a result of the Recording Academy Atlanta Chapter and Georgia Music Partners’ joint advocacy efforts for over 7 years, the first-ever targeted incentive specifically for music in Georgia is now a reality. The Georgia Music Investment Act (the “Act”), which went into effect January 1, 2018, is designed to reward investment in the music industry through a refundable tax credit.
Most importantly, the incentive will create jobs in music for musicians, logistics consultants, caterers, lawyers, accountants, engineers, producers, stage designers, lighting designers, managers, promoters and booking agents This type of ecosystem can employ thousands in Georgia and most importantly, it’s scalable — more content begets more jobs and revenue.