20 per cent credit available for qualified productsThe state of Georgia has enacted a new tax break legistlation in order to promote the creation of entertainment products in the region - including games.
The 2008 Entertainment Industry Investment Act, signed into law on Monday at the headquarters of Atlanta-based media giants Turner Broadcasting System, allows qualified productions to benefit from a 20 per cent tax credit - with a further 10 per cent available should the product feature an animated Georgia promotional logo, reports The Weekly Online.
"The 2008 Entertainment Industry Investment Act will return Georgia to its rightful place of prominence in all major entertainment industry segments," stated Bill Thompson, deputy commissioner of the Film, Music and Digital Entertainment Office, a division of Georgia Department of Economic Development.
"We expect a significant increase in film and television projects, and Georgia will be the most competitive state in the country for video game productions. Georgia is one of the few states whose entertainment incentives support the video game industry."
It's not the first time Georgia has used incentives such as this in order to boost the state's entertainment industry: in 2005 the state introduced the 2005 Entertainment Industry Investment Act, which saw the state's revenues from film, television and game companies triple in 2006 compared to 2004.
Senator Mitch Seabaugh added: "This new incentive allows Georgia to once again compete for an industry we used to be famous for. It will be a catalyst that will spur immediate economic investment and create jobs. Georgia will once again be on center stage where it belongs."