At the beginning of the special session on tax reform, the state’s film tax credit program was on the chopping block. But Marrero Senator Patrick Connick says there’s an effort to preserve it. Connick says they are looking to lower the amount of credits distributed to film producers each year from 180-million to 125-million dollars.
“That’s the compromise. We’re not going to get rid of them, we’re going to protect those companies that have been here and invested in Louisiana and have jobs here,” Connick said.
Governor Landry wants to scale back the film tax credit program and several other tax credits, so the state can afford to lower the state’s income tax rate on individuals. Connick says there has been healthy dialogue between legislators and those in the film industry.
“We’ve dealt with the film tax folks, and they understand this has to happen. They are acceptable, I think most of them are, to the reduction to 125-13o (million dollar) area. But things are still in in the mix, things are still fluid over here,” Connick said.
Film industry leaders have told legislators if the film tax credit program is eliminated, hundreds of jobs will go away. But Connick says these tax credits mostly benefit producers who do not live in Louisiana.
“A lot of it stays in Louisiana, and it spreads out to the workers that live here. They rent; they shop here. But the bulk of the money. we’re being told by the Department of Revenue, goes to California and New York,” Connick explained.
The special session must come to a conclusion next Monday night.
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