Planned Louisiana filming incentive overhaul could lead to spending cap
A planned overhaul of Louisiana’s filming incentives could involve introducing an annual funding cap for the first time. The state’s incentives have turned it into one of the top production centres in the US, with Jurassic World and Terminator: Genisys among the major recent shoots.
Film industry professionals have acknowledged a need for change as Louisiana is short on cash and the filming incentive doesn’t have a set annual budget, reports NOLA Media Group.
Proposed changes to the filming incentive include an annual USD 300 million cap and making the tax credits non-transferable.
One proposed change involves issuing individual guarantees to scripted TV series that they will get filming incentive support for a full five years, but only if they develop new production facilities for their shoot. The move could help bring more television to Louisiana, as short-term incentives tend to discourage producers interested in filming TV shows for multiple years.
Developing new production facilities is not necessarily a dramatic caveat – it is already a common practice in London – but in Louisiana its appeal to producers would depend on the specific wording of the regulation.
“I don't think anybody wants to get rid of the tax credits,” said Sherri McConnell, a New Orleans-based entertainment business consultant, in comments to the outlet: “The question is, how do we make them better? Hopefully, we'll come out (of session) with a smarter piece of legislation that's more fiscally responsible for all people in the state.”
The size of the annual fund for any filming incentive is a crucial indicator of the scale of the productions a state is looking to attract.
Should Louisiana decide to impose a USD 300 million annual cap, the state will, by the end of this year, have less money in its film fund than California. It would be a development that could impact America’s production landscape.
(Image: Universal Pictures)
Global Filming Incentive - Louisiana (see more…)
Not Logged in
You must be logged in to post a comment
There are no comments