New bill aims to attract music industry to Georgia
MACON, Ga. -- The Georgia Senate is now considering a bill aimed at attracting the music industry to the state.
The bill, called the Georgia Musical Investment Act, offers tax incentives to those in the music industry for spending in Georgia.
For instance, if a musical or theatrical performance spends $500,000 or more during the taxable year, they will receive a 15 percent tax credit. For recorded musical performances for a movie, television or interactive entertainment project, the threshold is only $250,000. The threshold for any other recorded musical performance is $100,000 to receive that tax credit.
Rep. Allen Peake (R-Macon) said that he hopes that this bill can help increase Georgia's success with the music industry in the same way that the state has seen success with the film industry.
"We ought to be doing the same thing with the music industry," he said. "Particularity where we have such great heritage, like in Macon and Athens."
Peake said he hopes that these tax incentives can help to keep music in Georgia instead of outsourcing to other states, like Tennessee. He said he also thinks that this can be a huge job creator and have a great economic impact on the state.
"It's to create an opportunity to spur more jobs, create and build the industry, and keep them in Georgia rather than see them keep moving to Nashville," said Peake.
Valerie Bradley, the vice president of marketing for the Macon-Bibb Convention and Visitor's Bureau, said that Georgia, and especially Macon, is ripe with music history and that that history is a huge driver of tourism to the area.
Bradley said that music is important to the economy and Peake agreed, saying that this new bill can help to add to its benefits.