Georgia Luring Game Studios With New 20-30% Tax Credits 2

Representatives from Georgia's state government have announced that Governor Sonny Perdue has signed into law a new act that will give local TV, movie and video game production studios up to 30 percent tax breaks, in an effort to lure more entertainment industry studios. Georgia claims entertainment segments made up an economic impact of $413 million across 2007, with Atlanta's Turner Broadcasting System being one of the larger entertainment houses in the state. The new 2008 Entertainment Industry Investment Act will offer 20 percent tax credits to qualifying production studios, and an additional 10 if the work includes "an animated Georgia promotional logo within the finished product." Georgia says that the total economic impact of entertainment productions in the state has reached over $1.17 billion from 2005 to 2007, but has since been in decline "as other states, regions and nations boosted their competitive packages." Said Georgia Department of Economic Development commissioner Ken Stewart, “The new incentives will put Georgia among the top five states in the U.S. in terms of financial competitiveness for entertainment projects. We expect to see an increase in the number of industry jobs and overall economic impact for the state in the coming years.” Added Perdue, “We know that our excellent talent base and outstanding locations make Georgia a very desirable place to film. This legislation puts in place the economic cornerstone that will encourage producers to convert that desire into action.”