Georgia’s elected officials have spent a lot of time and effort in the last few years in order to encourage investors to funnel hundreds of millions of their money to support the film and television industry in the state. Tax payers with GA tax ID were able to contribute to the sector as well.
A federal move is currently being made by United States Senator Johnny Isakson as he tried to look for incentives to provide financiers thus they will invest more in projects to be done in Peach State as well as beyond the border.
At the beginning of this month, the Republicans made some changes with their tax plan that is still up for approval. This will allow investors in productions such as live theater, television and film to be able to write off the amount incurred as they fill up their federal tax forms as soon as project is made within the same year.
Experts in the industry said that the change will give financiers an incentive from those supporting the local independent films to those who are producing blockbuster masterpieces. The incentive will encourage them to invest in more projects as soon as possible because their tax benefits will take effect on the first year compared to being spread out in several years.
Barnes & Thornburg LLP’s Stephen Weizenecker who is an entertainment tax lawyer based in Atlanta said that the new policy will allow investor to be more risky when it comes to investing in states like Georgia because of the financial benefits that they will receive immediately.
Investors that previously have their eyes on the federal level because of the tax savings they could have will instead set their eyes on Georgia and spend without limit because they can earn as much as 30 per cent back if they know how to handle their finances.
This policy will make Georgia an attractive option in the production industry compared to other states. to help the state further individuals and businesses should get a GA tax ID.