Gene Maddaus Senior Media WriterThe Georgia state Senate has dropped a proposal to cap the state’s film and TV tax credit, after facing industry pushback and opposition from the state House of Representatives.The Senate Finance Committee passed a measure on Monday that would have capped the credit at $900 million per year.
The bill would also have made the credit non-transferable, meaning that studios could not sell their credits to other taxpayers.The bill was initially scheduled for a vote on the Senate floor on Wednesday, but was withdrawn.
At a hearing of the Senate Rules Committee on Thursday, the provisions relating to the film credit were removed from the legislation.“All references to the film industry have been eliminated from this bill,” said Sen.
Jeff Mullis, the chair of the Rules Committee. The film credit soared to a record $1.2 billion in 2021, making it by far the largest film credit in the country.
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