Proposed Enhancements For Louisiana Film Program Focus On Long-Term Investment

Senate bills seek to increase digital entertainment jobs, improve
budget predictability
BATON ROUGE, La. — Enhancements for Louisiana's film program are being
proposed to build on the state's traditional strength in film and TV
activity and to emphasize sustainable, long-term investment in the
state. The proposed improvements not only reaffirm Louisiana's
standing as a leading U.S. film and television production destination,
but also would strive to increase the number of permanent jobs in the
digital entertainment sector. The plan would encourage more investment
in full-time jobs via permanent operations in Louisiana while
providing a more stable and competitive business environment.
Senate Committee on Revenue and Fiscal Affairs Chairman Sen. Jean-Paul
"J.P." Morrell has authored a package of bills providing an innovative
path to a smarter film program for Louisiana. The bills are designed
to improve state budget predictability, provide an opportunity for
better return-on-investment for the state, support industry
sustainability, and improve the statewide impact, while keeping costs
within the program's total credit issuance cap.
Last year, Gov. John Bel Edwards directed LED to review, analyze and
recommend policy changes for the film program to be considered in the
2017 legislative session. Louisiana remains committed to the film
industry, which has generated more than $6 billion in film and
television production work in Louisiana since the modern-era program
began in 2002.
"Louisiana is a top global production destination as a result of our
program, and these changes will continue to attract film production
and leverage that activity to develop stronger roots here and create a
sustainable impact for the state and its residents," LED Secretary Don
Pierson said. "These smart policy recommendations will create a
stronger program. By encouraging decision-makers in the entertainment
industry to operate here and to invest more permanently in Louisiana
and its talented people, we will cultivate a more dynamic industry
that delivers more full-time, permanent jobs."
To that end, LED undertook an extensive internal analysis and gathered
broad input from stakeholders throughout Louisiana. Legislators and
entertainment industry experts also were included to help identify
recommendations for best practices and enhanced economic impact of the
public's investment.
Sen. Morrell's bills incorporate those recommendations, including the
following key provisions:

The percentage of the credit transfer option, the method through which
film tax credits may be redeemed directly with the state, would
increase from 85 percent to 92 percent, 2 percent of which is a
transfer fee dedicated to a fund for education and training programs
for Louisianans interested in film industry careers and for grants for
Louisiana filmmakers.
Each year, 5 percent of the credits would be reserved for qualified
entertainment companies that establish permanent operations and invest
in full-time permanent, high-paying jobs in Louisiana. Those credits
would be performance-based, meaning the qualified entertainment
companies would need to create the full-time permanent jobs before
becoming eligible for payroll rebates.
The base tax credit would continue at 30 percent for film and TV
production expenditures in Louisiana. An additional 10 percent credit
would be available for movies written by Louisiana residents with
budgets of no more than $5 million, and an additional 5 percent would
apply to Louisiana-based visual effects services.
For scripted, episodic television series filmed in the state, a 5-year
initial certification would replace the season-by-season
certification.
Movies made outside the New Orleans area would be eligible for an
additional 5 percent tax credit, creating greater statewide impact.
The per-project limit on tax credits for movie productions would be
reduced from $30 million to $20 million.

All of the changes would be made within a proposed $165 million annual
cap for the issuance of tax credits, with no additional cost to the
state.
Collectively, the changes represent greater investment in Louisiana
content-producers and full-time permanent jobs, strengthening of the
state's significant film industry workforce, and adherence to the
overall budget cap set by the state. The program would extend a
commitment to education, training and resources for Louisiana
filmmakers and residents who want to enter the industry and sustain
it.

Comentários

Postagens mais visitadas deste blog

Resumo semanal de Despedida de Solteiro de 25/01/16 a 30/01/16

Impressões do livro Presença de Anita e link para download

Resumo semanal da novela Torre de Babel 13/02 a 18/02