Georgia Senate committee strips cap on film tax credits
A Georgia Senate committee on Thursday scuttled a proposal to limit state tax breaks for film and television productions that have been credited with transforming Georgia into one of the world’s biggest filming hubs.
The rules committee stripped a $900 million annual cap on the credit from a bill that would slash state income tax rates. The committee did not provide an explanation for the decision.
The bill will now be considered by the full Senate without the film tax limit.
Another state Senate committee had added the cap earlier in the week along with a measure that would ban film companies from selling tax credits they can’t use.
The film credits have been championed by Republican governors for more than 15 years and fueled explosive growth in film and television production in Georgia. The state Office of Planning and Budget estimates the state will forgo $1.07 billion in revenue from the credit this year.