State incentive board rejects commission's recommendation to slash 30% credit
With the landscape of state tax credits swiftly shifting beneath Hollywood’s feet, Georgia’s giveback program appears to have found solid footing.The Peach State’s 30% film and TV production tax credit will survive after Georgia’s incentive board announced Friday that it had rejected a special commission’s recommendation to cut it. The decision goes before the full committee Monday for a vote, whereupon it will be sent to the legislature. Georgia’s Special Council on Tax Reform and Fairness recommended that the generous credit be eliminated in January. But Hollywood’s heavy lobbying efforts paid off Friday when the Georgia Production Partnership Government Relations Committee and Executive Board announced it has chosen to keep the credit intact. Georgia is just one of many states struggling to reconcile its generous tax lures with bleak budget realities. Earlier this month, New Mexico’s legislature passed a $50 million limit on annual rebates, setting up a potential showdown with the state’s new governor, who sought a smaller cap. And in Michigan, Gov. Rick Snyder’s proposed dramatic slashing of its tax incentive program already has productions and companies looking elsewhere.