Georgia has enacted legislation amending provisions concerning the film tax credit and the job tax credit available against corporate and personal income tax liabilities. The film credit has been expanded to include a qualified interactive entertainment production company (a company whose gross income is less than $100 million that is primarily engaged in qualified production activities related to interactive entertainment that has been approved by the Department of Economic Development). The maximum credit for any qualified interactive entertainment production company and its affiliates is $5 million; the aggregate amount of credits may not exceed $25 million. The credits for qualified interactive entertainment production companies will be allowed on a first-come, first-served basis. Further, the term “production expenditures” has been amended to include payments to a loan-out company by a production company or a qualified interactive entertainment production company that has withheld Georgia income tax at a rate of 6% on payments for services performed in Georgia.
The law also amends the definition of “business enterprise” under the job tax credit provision by including affiliates and taxpayers.