Legislative Update from GSEC: Bills being considered

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House Bill 1037Georgia Entertainment Industry Investment Act; to amend 

GSEC Position: Under Consideration 

To amend Code Section 48-7-40.26 of the Official Code of Georgia Annotated, relating to the “Georgia Entertainment Industry Investment Act,” so as to move certain sound recordings from qualified production activities to production expenditures; to exempt presentations from the requirement that productions must be intended for multi-market commercial distribution;  to add coverage of certain major sporting events to qualified production activities; to reinforce the dis-allowance of the additional 10 percent credit allowed for including a qualifying Georgia promotion for certain productions and hold the issuance of such credit until public distribution of the project; to limit the recapture of certain tax credits; to change the timing when a tax credit can be claimed and its carry forward period; to require expenditures with vendors to include W-9 forms; to provide for applications for certificates of final certification; to require an audit prior to issuance of a final certification by the Department of Revenue; to phase in such requirement; to provide for certification of accountants as eligible auditors for conducting such audits; to provide for recouping of  certain audit costs and prescribe actions to be taken by the Department of Revenue; to  provide for definitions; to provide for rules and regulations; to provide for related matters;  to repeal conflicting laws; and for other purposes.

House Bill 1012Georgia Entertainment Industry Investment Act; child labor law violations

GSEC Position: Under Consideration 

A BILL to be entitled an Act to amend Code Section 48-7-40.26 of the Official Code of Georgia Annotated, relating to the “Georgia Entertainment Industry Investment Act,” so as to disallow and recapture any tax credit earned, claimed, transferred, or sold by a production company or qualified interactive entertainment production company that violates state or federal child labor laws or rules; to provide for related matters; to repeal conflicting laws; and for other purposes.

Senate Bill 441State Income Tax; all expenditures of a production company’s state certified productions may be combined to meet spending thresholds; provide 

GSEC Position: Under Consideration 

A BILL to be entitled an Act to amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, computation, and exemptions from state income tax, so as to provide that all expenditures of a production company’s state certified productions may be combined to meet spending thresholds; to lower spending thresholds; to increase the value of the tax credit; to lower the cap on credits for certain years; to provide for transferability of the tax credit; to provide for conditions and limitations; to revise definitions; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

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