Georgia's Department of Economic Development has reported the state's film and TV tax credit rose to a record $1.3bn in 2022.
Per Variety's article, the latest figures represent the fiscal year ending June 2022 as Georgia preps its annual budget this week.
The state’s tax credit is not capped, meaning all eligible productions qualify for a 30% break on their in-state expenditure.
The annual figure represents nearly 5% of the state’s general fund budget.
In August last year, KFTV reported that production spend in Georgia for the film and television industry reached a record-breaking $4.4bn during fiscal year 2022.
The Georgia Film Office, reported that the southeastern state hosted a total of 412 productions: 32 feature films, 36 independent films, 269 television and episodic productions, 42 commercials, and 33 music videos between 1 July, 2021 and 30 June 2022.
Recently, California Gov. Gavin Newsom proposed to make the state’s film and TV tax credit refundable — in a bid to compete with other major states' schemes.
Newsom outlined the plans in his 2023-2024 proposed budget on Tuesday 10 Jan, which seeks to to extend the current tax credit program for five more years.