Georgia lawmakers and other industry stakeholders will review the state’s tax credits.
Georgia Lawmakers to Start Reviewing State’s Tax Credits
Georgia lawmakers and other agencies, and industry stakeholders will begin reviewing the state’s tax credits, including the overstated film tax credits, and discuss recommendations or changes to address some issues.
The reports of the Georgia Department of Economic Development (GDEcD) are sometimes misleading, especially regarding film production works. It was confirmed during the audit in January 2020 that the film tax credit had been overstated. The audit in October 2022 shows the significant changes in the film tax credits’ effect on the economy.
Georgia lawmakers will lead a series of public meetings with other involved agencies and industry stakeholders as early as possible to finish the review before January 2024.
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Georgia Lawmakers to Take a Step Forward to Success
According to The Center Square’s report, reviewing the state’s tax credits will benefit businesses in Georgia and all Georgians because it will be an initial step to having a fair and better tax system in the state.
Following the review process, the recipients of the tax credits are also expected to continue giving back by paying the right taxes for the sake of the state’s economy and all Georgian taxpayers.
READ ALSO: California Bills Proposed To Expand Tax Credits For Low-Income Families Struggling After Pandemic
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