Georgia’s film industry had a $6 billion economic impact on the state last year, a boom largely attributed to generous tax incentives the General Assembly approved in 2008. Now, lawmakers are considering whether to give a similar helping hand to the music industry, according to this week’s Atlanta Business Chronicle.
A legislative study committee is expected to begin meeting in August to look for ways to increase the footprint of the state’s music recording and performing facilities.
The Joint Music Economic Development Study Committee, which the Legislature created last March, includes three members of the Georgia House of Representatives, three state senators and six industry insiders with extensive knowledge and experience in the music business.
According to a study commissioned by the nonprofit Georgia Music Partners Inc. back in 2011, the state’s music industry was generating an annual economic impact of $3.7 billion at that time, and was responsible for 19,955 jobs. A bill was introduced in the Georgia House last February offering an income tax credit to music production companies similar to the credits now going to film and TV producers. But the bill failed to gain traction because supporters couldn’t decide whether to approve the income tax credit or an alternative proposal to offer jobs tax credits, said state Rep. Ron Stephens, R-Savannah, chairman of the House Economic Development and Tourism Committee.
The Joint Music Economic Development Study Committee is due to make recommendations by Dec. 1.
By The Numbers
A study in 2011 showed the music industry having a major impact on Georgia's economy:
- 19,955 -- Jobs created
- $313 million -- Tax revenue generated
- $3.7 billion -- Economic impact
Source: B William Riall, Georgia Tech economist
Dave Williams covers government for Atlanta Business Chronicle