ATLANTA — Georgia’s state economist thinks it may be time for lawmakers to take another look at the tax credits given to the film industry.
Last year, the film industry brought an estimated $4.4 billion dollars into the state.
Channel 2′s Richard Elliot was at the state capitol on Wednesday as a joint study committee met to determine if all the tax credits the state offers are worth it in the long run.
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“We are good financial stewards to all the tax credits and expenditures that we have in the state of Georgia,” State Senator John Albers said.
The committee discussed all of the tax incentives the state offers to lure industries to the Peach State, not just those given to the film industry.
Georgia’s state economist Jeffrey Dorfman says the $1.5 billion tax incentives for electric vehicle company Rivian will be offset by the other businesses that will grow up around it.
He says that the state’s film industry may be at a point where the tax incentive is no longer needed.
“Now, the Georgia film industry is a mature industry, and so now, I would think that the legislature would be sort of claiming victory on creating this great industry and looking to shrink or end those credits,” he explained to Elliot.
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The Georgia Department of Economic Development is praising those tax credits and saying they are essential to the growth of film in Georgia.
“The film tax credit was designed to strengthen investment into the film industry within the state of Georgia. I would say, it’s done a pretty good job,” Andrew Capezzuto with the Department of Economic Development.
Albers say they just want to make sure that all of the tax credits that are being awarded are worth it to the taxpayers.
“We’re the number one place to do business and that’s important, but we also want to make sure each and every offering we have with taxes is beneficial back to the state,” Albers said.
The study committee will write a report and a recommendation for the General Assembly to look at next January.
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