Bill Could Boost Ga. Music Festivals By $5M In Tax Credits
Courtesy of TomorrowWorld
A new bill would provide $5 million in tax credits for large music festivals in Georgia.
The legislation, filed by Rep. Matt Dollar, R-Marietta, is called the “Georgia Music Festival Tourism Act.”
The bill restricts the benefits to only the largest festivals in the state that run at least three days, expect at least 30,000 visitors, and spend more than $250,000 in Georgia.
Operators of the Shaky Knees music festival would likely qualify to receive at least a $1.25 million per year in tax credits from the state, but Music Midtown would not, because it only lasts for two days.
The massive TomorrowWorld electronic music festival could also be a recipient, and it may need the financial boost after its operator recently filed bankruptcy, and a 2016 festival is in doubt.
Music festivals are big business in Georgia.
In 2014, TomorrowWorld brought about $72 million to the state, according to Atlanta Magazine. That’s more than the Chick-fil-A Kickoff Game and the SEC Football Championship combined.
According to the bill, music festivals that receive the tax credit must be certified by the State Department of Economic Development.
The legislation also sets up festivals to compete against each other by limiting the tax credits available in a single year to $5 million.
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