House Bill 562 to extend tax credits for the film industry in Louisiana will be heard in the lower chamber today. The bill would extend the current tax credits set to expire in July 2025 to July 2035. Jason Waggenspack with Louisiana Film and Entertainment Association said passage is vital to stabilizing the industry long-term.
“We’ve invested a lot of infrastructure here in the state, we’re looking for a lot more investment to be happening over the next five to 10 years and the mere fact that this industry continues to grow year over year,” said Waggenspack.
A Louisiana Economic Development study estimates a billion dollars spent by the industry in the state last year and of that $350 million was on payroll of residents. Waggenspack said the industry also supports 10,000 jobs.
“And we think the state is behind us and approves that and the poll shows that over 87% of Louisiana residents feel that the film industry is beneficial to the state,” said Waggenspack.
The state film tax incentive started in 2002 and Waggenspack said Louisiana is among the first states to have the initiative. He said other states have followed Louisiana’s lead and now more than 38 states have a film tax program, and more are in the works.
According to LED, there is a $6.00 Return on Investment for every dollar the state puts into the industry. Waggenspack said with more than a third of that billion is going directly to Louisiana payroll…
“The majority of that money if not all that money is coming from outside of our state into our state, that’s just unfathomable,” said Waggenspack.
Speaker of the House Clay Schexnayder’s legislation also calls for productions who receive incentives to have a Louisiana logo promoting the state in the end credits.
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