News & Such
Tax incentive updated to include music produced in Georgia
Georgia Legislature Ends on a High Note by Siding with Music Industry on Entertainment Tax Credit Amendment
Georgia Music Partners (GMP) and The Recording Academy® Atlanta Chapter successfully engaged the Georgia Legislature to add language to the Georgia Entertainment Industry Investment Act that clearly shows that music produced in Georgia for qualified film and television productions is an eligible expense. This decision clears the way for the state and GMP to promote the tax benefits of music production here. (See Section 2 (5) http://www.legis.ga.gov/legislation/en-US/Display/20112012/HB/1027
The bill was sponsored in the Senate by Chip Rogers (District 21) and in the House by Ron Stephens (Savannah), Matt Hatchett (Dublin), Butch Parrish (Swainsboro), Matt Dollar (Marietta) and Amy Carter (Valdosta).
“We are very happy to make Georgia home to music,” said Sen. Stephens. “We hope to have the very same success in music as we have in film productions.”
According to Tammy Hurt and Simon Horrocks, co-presidents of GMP, the language in the original 2008 law suggested a narrow interpretation of what would be considered “qualified” music productions. “By having the legislature rule in favor of music production in the state as a qualified expense, we now have confidence in marketing the business-friendly environment that Georgia offers the music industry,” said Hurt. “The state has seen a huge increase in film production since 2008,” said Horrocks. “The legislator’s clarification is the first step in doing the same for the state’s music industry.”
“This is great news for the state’s economy,” said Phil Tan, an Atlanta-based three-time Grammy Award music engineer. “This will enable local music-related business entities to have an additional marketing angle and attract record companies, artists, producers and other music makers to bring their projects here to Georgia. Hotels, restaurants and other local businesses will benefit from the added traffic as well.”
According to Billboard’s top 40 moneymakers of 2012 ranking, Georgia artists represent 18% of the worldwide top music moneymakers worldwide.
Originally created in 2008 the Georgia Entertainment Industry Investment Act provides state tax credit for qualified production and post-production expenditures. The Georgia Entertainment Industry Investment Act offers an across the board flat tax credit of 20 percent based on a minimum investment of $500,000 on qualified productions in Georgia. An additional 10 percent Georgia Entertainment Promotion (GEP) uplift can be earned by including an imbedded animated Georgia logo on approved projects.
About Georgia Music Partners
Georgia Music Partners (GMP) is a 501c6 not-for-profit organization, which seeks to grow and protect the business of music and related music technology in the state of Georgia through economic development efforts, tax incentives and applicable educational opportunities. GMP was formed from a subcommittee of the Atlanta Chapter of The Recording Academy® (which produces GRAMMY® Awards). For more information, contact Scott Mills at 678-781-7201, email@example.com
or visit the organization’s website at http://georgiamusicpartners.org
The Recording Academy
Established in 1957, The Recording Academy is an organization of musicians, producers, engineers and recording professionals that is dedicated to improving the cultural condition and quality of life for music and its makers. Internationally known for the GRAMMY Awards -- the preeminent peer-recognized award for musical excellence and the most credible brand in music -- The Recording Academy is responsible for groundbreaking professional development, cultural enrichment, advocacy, education and human services programs. The Academy continues to focus on its mission of recognizing musical excellence, advocating for the well-being of music makers and ensuring music remains an indelible part of our culture. For more information about The Academy, please visit http://www.grammy.com
. For breaking news and exclusive content, join the organization's social networks as a Twitter follower at http://www.twitter.com/thegrammys
, a Facebook fan at http://www.facebook.com/thegrammys
, and a YouTube channel subscriber at http://www.youtube.com/thegrammys
Editor’s notes: The National Academy of Recording Arts & Sciences, Inc. owns, among others, the following registered trademarks: National Academy of Recording Arts & Sciences® and GRAMMY®
SOURCE: Georgia Music Partners
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