(The Center Square) — A bunch of state lawmakers will get started a review of Georgia’s tax credits, together with the state’s vaunted movie tax credit, and make tips about conceivable adjustments.
The workforce will hang public conferences and end their paintings sooner than the 2024 Legislative Session begins in January. Lawmakers may imagine any proposed adjustments once they go back to Atlanta.
“This comprehensive review of Georgia’s tax credits is a proactive step toward supporting the growth and success of businesses in the state, and we have a responsibility to achieve a fair and equitable tax system that benefits all Georgians,” state Rep. Kasey Carpenter, R-Dalton, stated in a observation. “As an entrepreneur, I understand the need for tax incentives, but we need to make sure the recipients of these valuable tax credits continue to pour back into our state and its taxpayers.”
The Georgia Department of Economic Development, the Georgia Department of Revenue, the Governor’s Office of Planning & Budget and different “industry stakeholders” will take part.
“This joint approach is a critical first step in the process of reviewing all of Georgia’s current tax credits,” Lt. Governor Burt Jones stated in a observation.
A January 2020 audit discovered that the “impact of the film tax credit on the state’s economy has been significantly overstated.” An October 2022 follow-up audit discovered the GDEcD “changed how it publicizes the credit’s impact on the state’s economy. However, GDEcD’s reporting on film production jobs is still misleading at times.”
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