Georgia Senate approves new limits on video game tax credits
The Georgia State Senate on Tuesday voted 46-0 in favor of a bill that would establish new limits on tax credits for the state's video game industry.
If passed into law, the bill would cap the existing 30 percent income tax credit at $25 million across all of the state's game companies, and individual companies would be eligible to receive no more than $5 million.
While these new limits would restrict the industry's tax credits, the Senate actually introduced a key amendment in favor of Georgia's game developers. Prior to entering the Senate, the bill aimed to get rid of the tax credits altogether.
According to the Atlanta Business Chronicle
, Senate majority leader Chip Rogers (R-Woodstock) said that the individual limits on game companies will help smaller studios benefit from the available tax credits.
"We're encouraging the small companies to take this as opposed to one large company," he said.
Now that the Senate has amended the bill, it must return to the House for approval before moving forward.