Musical Tax Credit
On this page find information and instructions for claiming the Musical Tax Credit.
- Tax Credit Code: 141
Summary
Effective for taxable years beginning on or after January 1, 2018 and before January 1, 2023, a production company that meets or exceeds $500,000 in qualified production expenditures in a taxable year for a musical or theatrical performance; or $250,000 in qualified production expenditures in a taxable year for a recorded musical performance which is incorporated into or synchronized with a movie, television, or interactive entertainment production; or $100,000 in qualified production expenditures in a taxable year for any other recorded musical performance may claim this tax credit if they have received a pre-certification from the Georgia Department of Economic Development and preapproval from the Department. Production companies must request preapproval electronically from the Department through the Georgia Tax Center. The aggregate amount of tax credits allowed is: for taxable years beginning on or after January 1, 2018 and before January 1, 2019, $5 million, and the maximum credit amount allowed for any production company and its affiliates that are production companies shall not exceed $1 million; for taxable years beginning on or after January 1, 2019 and before January 1, 2020, $10 million, and the maximum credit amount allowed for any production company and its affiliates that are production companies shall not exceed $2 million; for taxable years beginning on or after January 1, 2020 and before January 1, 2023, $15 million, and the maximum credit amount allowed for any production company and its affiliates that are production companies shall not exceed $3 million. Any excess credit may be used to offset the production company’s withholding taxes.