Tag Archives for " Music Investment Act "
There are some states in the US that know the value of entertainment and they’re willing to invest in it. The latest is Georgia, which is about to pass the Music Investment Act to make it more financially attractive for music artists to create in the state. Not only is this piece of legislation intended to lure musicians to Georgia to record and tour, but also keep its home-grown talent from fleeing to other parts of the country like Nashville and Los Angeles.
The bill will provide Georgia’s music industry with tax cuts and incentives similar to the ones the film industry receives, which have proved very successful in bringing major film projects to the area. The proposed incentives are estimated to bring $9 million in net revenue and help spur as much as $2.2 billion of economic activity in the state within five years.
The Georgia Music Investment Act (also known as House Bill 155) has three major components:
The truth of the matter is that sometimes these tax incentives work and sometimes they don’t. Usually when they don’t it’s because the state hasn’t done enough to let the industry know that they exist. It’s unlikely this will happen with Georgia though, as it’s done a great job with its film and television credits already. Atlanta currently has a burgeoning music scene that will only grow larger as a result.