A House bill to extend Louisiana’s often-debated film & TV tax incentives is approved by the Senate Committee on Revenue and Fiscal Affairs, but not without some changes. The bill originally sought to extend tax credits to entertainment productions through 2035. It was amended to make the end date 2030. Supporting the bill is producer and studio owner Trey Burvant, who says the credits means productions will come, which means hundreds-of-millions in revenue changing hands…:
“That’s $350-million that goes right into the pockets of Louisiana residents. That money then gets recirculated with these residents who are living here, buying homes, buying second homes, buying cars, putting their kids through schools.”
Monroe area Senator Jay Morris is among those who oppose continuing the $150-million-a-year in film production tax incentives. He says the return on investment to the state is far too low; with only about a $10 benefit for every $100 invested. Morris also says the jobs created only benefit certain parts of the state where studios choose to film…:
“Almost none of it comes to my area. You can point to a movie here or there…and so, I have a real issue with it,” says Morris.
Burvant says film tax breaks stimulate local economies, and often better-known film locations go on to be tourism destinations. Case-in-point, the “Steel Magnolias” house in Natchitoches which still attracts tourists over 30 years after the movie’s release…:
“Up to $1.3-billion can be attributed to the film industry. Something that people saw or heard about and was an influence for them to come to the state of Louisiana.”
Approved by the committee, the bill moves now to the full Senate for debate.
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