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Form It 611s Instructions - S Corporation Income Tax - Georgia Department Of Revenue - 2014 Page 17

TAX CREDIT

(continued)

For taxable years beginning during 2013 the aggregate

133

Film Tax Credit for A Qualified Interactive Entertainment Production Company.

amount of film tax credits allowed for qualified interactive entertainment production companies and their affiliates which are qualified

interactive entertainment production companies shall not exceed $25 million. Such cap for taxable years beginning in 2014 and 2015 is

$12.5 million for each year. The maximum credit for any qualified interactive entertainment production company and its affiliates which are

qualified interactive entertainment production companies is $5 million for 2013, 1.5 million for 2014, and 1.5 million for 2015. The film tax

credit for qualified interactive entertainment production companies and their affiliates will not be available for taxable years beginning on or

after January 1, 2016. For 2014 and 2015 no qualified interactive entertainment production company shall be allowed to claim an amount

of tax credits for any single year in excess of its total aggregate payroll expended to employees working within Georgia for the calendar

year directly preceding the start of the year the qualified interactive entertainment production company claims the film tax credit. The

amount in excess of this limit is not eligible for carry forward to the succeeding years’ tax liability, nor shall such excess amount be eligible

for use against the qualified interactive entertainment production company’s quarterly or monthly payment under Code Section 48-7-103,

nor shall such excess amount be assigned, sold, or transferred to any other taxpayer. For 2014 and 2015 before the Department of

Economic Development issues its approval to the qualified interactive entertainment production company for the qualified production

activities related to interactive entertainment, the qualified interactive entertainment production company must certify to the Department of

Revenue that it maintains a business location physically located in Georgia and that it had expended a total aggregate payroll of

$500,000.00 or more for employees working within Georgia during the calendar year directly preceding the start of the taxable year of the

qualified interactive entertainment production company; if these requirements are met the Department of Revenue will issue a certification.

The credits are allowed on a first-come first-served basis based on the date the film tax credits are claimed.

NOTE: The credit type code numbers referenced above are subject to change from year to year. Please review the codes

carefully to ensure you list the correct code number.

For more details about credits and the latest forms, visit our website at:

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Form It 611s Instructions - S Corporation Income Tax - Georgia Department Of Revenue - 2014 Page 17