Some Georgia lawmakers are having second thoughts about limiting the value of the state’s lucrative film tax credit. The Senate Finance Committee voted on Wednesday to rewrite parts of a bill aimed at creating limits. The bill would still require moviemakers to spend more in the state to max out the film tax credit.
FILE- Cast member Benedict Cumberbatch works during the filming of “Avengers: Infinity War”, Wednesday, June 28, 2017, in Atlanta. A Georgia state Senate committee voted Wednesday, March 20, 2024, to weaken a cap on the state’s tax credits that the House had proposed. FILE- Georgia state Rep. Kasey Carpenter, R- Dalton, presents HB 1180 on Crossover Day at the Georiga State Capitol, Thursday, Feb. 29, 2024, in Atlanta.
“There’s essentially not a cap on it,” Hufstetler told The Associated Press after the meeting. “I think there are some constraints that perhaps are needed on there. But I think at the end of the day, it’s not going to really make a lot of difference.Georgia lawmakers approve income tax cuts for people and businesses
The program has supported thousands of Georgia jobs and the building of studios. But it’s hugely expensive — the state is projected to give out $1.35 billion in credits this year alone. State-sponsored evaluations show the credit’s cost outweighs its economic benefit. A study last year byMost production companies don’t have enough state income tax liability to use all the credits and they can’t be redeemed for cash.
“I think it’s a big number,” Carpenter said. “I think it’s a much bigger number than what left the House.”
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