Senate committee OKs film incentive extension
A Louisiana Senate committee advanced without objection Thursday a proposal to extend the life of the state’s film subsidy program, which may be a tough sell for lawmakers looking to trim or eliminate tax incentives.
The motion picture program provides state-certified film and TV productions with up to a 40% tax credit on eligible in-state expenditures. The program can issue up to $150 million in credits per fiscal year, and recipients can claim up to $180 million per fiscal year.
Senate Bill 173 by Sen. Sharon Hewitt, R-Slidell, calls for extending the program’s scheduled sunset from 2025 to 2031. The longer runway would make the state more attractive to film and TV producers, who often plan projects several years in advance, and to potential investors in the state’s film industry infrastructure, supporters said.
Hewitt is not asking lawmakers to change the credit caps.
“The net impact on the state [budget] is going to be exactly the same,” she said.
By: David Jacobs