BATON ROUGE, La. – Two sets of proposed tax credits bills to tighten the state’s film tax credits have been passed by lawmakers in the capital.
The bill’s sponsor, state Sen. J.P. Morrell, D-New Orleans, @JPMorrell, said legislator’s big focuses are on preventing fraud, increasing return on investment and making the purchase and sell of tax credits more transparent and trackable.
Any cap to the motion picture/television investor tax credits program will certainly kill jobs here in Louisiana. The film and television productions desiring to come here and are locked-out of the program due to a legislative cap, will just go to another territory. Why not keep those high-paying jobs in Louisiana? Why not promote a better quality of life in this great state?
In 2014, $226.4 million dollars were issued in tax credits and direct rebates. The biggest year-to-date for the program was 2013 at $251 million dollars. So far this year, $116 million dollars have been issued by the state.
The current HB 829 authored by Joel Robideaux, R-Lafayette, provides for a cap of $200 million dollars. Based upon current projections, Louisiana could lose twelve to twenty-one percent (12%-21%) of future productions which normally would have come to Hollywood South to film.
Do we want to be known as the BP Oil Spill State? The Katrina State? Or, do we want to be known as the destination for film and television production?
Click here to see the story from WWL TV: Legislators advance state film tax program changes