It’s the height of tax season once again, my lovelies! The most fabulous time of the year in my book, as you know. Let’s talk about the Peach State’s tax policies when it comes to another one of my favorite things… I’m talking about entertainment!

The Hollywood of the South. ATLwood. Y’allywood. Call it what you will – the point is that the Film & TV industry here in Georgia is booming. Lately you may have noticed or read that a LOT of movies and television shows are being filmed in Georgia. From huge franchises like the Hunger Games to fantasy shows like Vampire Diaries and Walking Dead, film folk are flocking to our great state, securing our spot as the third fastest-growing film industry in the country behind California and New York.
There’s a reason why Georgia is attracting a record number of entertainment productions. Since 2002, Georgia has been offering big tax breaks to TV, film and other entertainment professionals in order to increase the economic impact of these industries. And so far, it’s worked like a charm! So much so, in fact, that they bolstered these policies in 2008. Today, you’ll find one of the most competitive tax incentive programs in the country here in Georgia.
According to our state website, a fairly credible source, Georgia production incentives provide up to 30% of your Georgia production expenditures in transferable tax credits. That’s the good news. The not-so-good news is that unless you’ve got a qualified tax expert on your side, looking over your expenses and your tax documents, you may be missing out on some of those sweet deductions and payable credits!

The incentive program is available for qualifying projects, including feature films, television series, commercials, music videos, animation and even video games. What’s known to policymakers (and Atlanta-based accountants, such as myself) as Georgia’s Entertainment Industry Investment Act will provide a 20 percent tax credit for companies that spend $500,000 or more on production and post-production in Georgia, either in a single production or on multiple projects.

How does that get pushed to 30 percent, you may ask? The state also grants a 10 percent tax credit if the finished project includes a promotional logo provided by the state. It may sound crazy that one little logo can save an entertainment company thousands of dollars, but it’s true! If you’re involved in the film or TV industry, I can show you even MORE ways that the Georgia Entertainment Industry Investment Act will benefit you during Tax Time. Give me a call this asap – I’d love to chat about it and swap movie recommendations!

Buffie the Tax Heiress