Louisiana film incentive depleted after funding cuts
Louisiana’s tax credit incentive has been depleted for this financial year, after the programme had its funding cut from USD222 million to USD180 million. The scheme was slashed last year by ex-Governor Bobby Jindal in an effort to curb Government spending, which has now failed to compensate for the state’s popularity.
It suggests film Producers really valued the ability to cash these tax credits with the state.
Jan Moller, Director of the Louisiana Budget Project
The state offers up to 30% in transferable tax credits, with an additional 10% available for productions that hire local labour. Productions must incur a minimum expenditure of USD300,000 to qualify for the scheme.
Alongside lowering the overall cap, the state Government put a hold on buying back tax credits until July 1st 2016. This change forced many Producers to wait until this time to sell their tax credits, which is why the now smaller fund has been tapped out.
Louisiana’s film industry had suffered greatly from the misconception that the state had axed the programme entirely but Producers are gradually returning. Cory Parker, Business Agent of IATSE explains: “Producers are realizing that it makes sense to come back to Louisiana. They’re going to realize what they’re missing out on. We’re here, and we’re ready to go to work. The incentives program is alive, and we’re getting momentum from that.”
The decision of many Producers to hold off on selling their tax credits has left some industry analysts feeling positive about Louisiana’s future. Jan Moller, Director of the Louisiana Budget Project notes: “it suggests film Producers really valued the ability to cash these tax credits with the state. This tells us that the demise of Louisiana’s film industry has been greatly exaggerated.”
To accommodate for the surge of tax credits sales, Producers will be paid 93% of the agreed price while the remainder will be paid July 1st 2017 when the next allotment of funding becomes available.
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Global Filming Incentive - United States of America (see more…)
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