Peter Stathopoulos recently provided insight into the tax incentives Georgia uses to attract the entertainment industry and how it impacts the state as a whole to Accounting Today. He explains how these taxes have boosted film production in Georgia, noting that in 2007 the state had less than $32 million in entertainment production expenditures and in 2016 Georgia had $2.3 billion in entertainment production expenditures. Georgia’s credit legislation was enacted in 2005, but was broadened by the Georgia legislature in 2008 and Stathopoulos helped craft some pieces of the legislation that ultimately became the incentive program.
Finally, Stathopoulos addresses how other states are benefiting from these incentives, “Both New York and California have very large incentive programs, which tells you how necessary they are. New York traditionally dominates the television industry, and California dominates the film industry. The fact that they had to pass credits of their own to keep from losing more of their industry shows how effective these are.” Click here to read the full article.