In an article published in the May/June issue of Oz Magazine, Peter Stathopoulos discussed the top 10 things taxpayers may not know about Georgia film tax credits, including:
- Georgia encourages people to buy film tax credits to help the state attract economic development.
- Anyone can purchase these tax credits to reduce their Georgia income tax liability.
- Film and television companies based outside of Georgia cannot use their income tax credits here and can only benefit if buyers purchase their tax credits.
- Buying film tax credits help create investment in the state from companies who do not receive the benefit of the loans, including sound stages, lighting companies and other vendors.
- Buying the tax credits allows for limited time travel by allowing companies to purchase tax credits for prior tax years.
- Georgia’s tax credits also support television shows and pilots, television sizzle reels and commercials, digital games, music videos, etc.
- Producers can use credits for soft money up front as some lenders will advance funds against a production’s tax credits.
- Buying the tax credits allows an individual to become a film financier as they are indirectly financing a portion of the film and television production in the state.
- The purchase of these tax credits have caused a boom in Georgia’s entertainment industry. Universities across the state have even expanded their film schools to produce future film and television creators.
- While Georgia is still dependent on out-of-state film production companies, the local entertainment industry is still reaching the mass audience.
To read the full article, please click here.