As of January 4, 2016, the Georgia qualified education expense credit cap of $58 million for calendar year 2016 already has been reached. All applications received on January 4, 2016 were prorated down to $58 million. The proration percentage is anticipated to be 53.36%. The Department is in the process of mailing pre-approval letters for applications received and denial letters for applications received after the cap had been reached. Taxpayers may begin submitting applications for the 2017 tax year on January 3, 2017.
On Monday, April 14, 2014, Governor Deal signed into law a 2 year extension of state income tax credits for video game companies. The 2 year extension provides for up to $25 million in tax credits for video game developers. The Georgia Industry Investment Act was established in 2008 to support Georgia companies developing games and digital media. The purpose of the incentives is to support the growth of Georgia game developers and assist in the development of a skilled workforce unique to the gaming community.
Film and television companies may receive a tax credit of up to 30% of expenditures on production and post-production of feature films, television series, music videos and commercials, and interactive games and animation, either in a single production or on multiple projects with a minimum spending amount of $500,000. The tax credits are transferable. The newly signed bill will take effect January 1, 2013, and will cap the 30% credit at $25 million for the game industry, while limiting individual video game companies to $5 million.