News Summary
Louisiana’s film and television sector is poised for a revival following the enactment of Act 44, which overhauls the state’s film incentive program. The updated law aims to restore competitiveness and create jobs by modernizing tax credits, enhancing support for local productions, and eliminating restrictive limitations. The legislation has garnered support from industry stakeholders and is expected to invigorate the state’s economy while attracting major film productions back to Louisiana.
BATON ROUGE, Louisiana – Louisiana’s film and television industry is on the cusp of a significant revival following the signing of Senate Bill 232 into law, now recognized as Act 44 by Governor Jeff Landry. This legislation brings a comprehensive overhaul to the state’s film incentive program, aiming to rejuvenate jobs, support small businesses, and enhance the creative economy.
Act 44 modernizes Louisiana’s film tax credit initiative, granting the Louisiana Economic Development (LED) agency the authority to manage the program through administrative rules instead of being tightly bound by legislative statutes. This development allows the state to respond more swiftly to evolving industry trends and provides a more competitive edge for attracting large-scale film productions.
Jason Waggenspack, president of Film Louisiana, has described the new law as a transformative opportunity that enhances Louisiana’s ability to compete on a global scale. The legislation retains a $125 million annual cap on the film incentive program alongside a sunset date of 2031. However, it also eliminates obsolete per-person and per-project limitations, making Louisiana an increasingly appealing location for both episodic series and blockbuster films.
The new regulations have garnered substantial backing from numerous industry stakeholders, including the Motion Picture Association, local unions, and creative professionals throughout the state. Waggenspack indicated that this law holds the potential for holistic growth across various cities in Louisiana, from Lafayette to Shreveport and Baton Rouge.
As part of Act 44, productions can now receive a 40% tax credit on qualifying expenditures within the state, in addition to a further 15% bonus available for the employment of Louisiana residents. The film sector in Louisiana generates around $1 billion each year, supporting approximately 10,000 jobs and contributing about $350 million directly to its residents. On average, for each dollar spent within this industry, the local economy sees a remarkable return of $6.12.
The passage of this law followed a significant downturn in Louisiana’s film production, which faced a staggering 65% decrease in recent years due to many productions relocating to countries like Canada and Ireland, where more attractive incentives are offered. The updates under Act 44 aim to restore Louisiana’s competitiveness in the film landscape, a domain where it once boasted one of the most inviting tax credit programs in the United States.
Key figures, including LED Secretary Susan Bourgeois, emphasized the importance of streamlining the approval process for tax credits, which is crucial in fostering long-term commitments from production companies. The recent legislative enactments provide the necessary flexibility for LED to maximize Louisiana’s appeal to large-budget productions and television series, effectively addressing the shifting priorities within the film industry.
Waggenspack noted that the film community remains optimistic about the potential to attract major productions back to Louisiana, with the hope of reinstating the state’s reputation as a favored filming destination. Additionally, officials from Film Louisiana have indicated the possibility of forthcoming reforms to expand the state’s film incentive program further, highlighting the ongoing commitment to cultivating a vibrant film industry in Louisiana.
As the framework for the new film incentive program is established, Louisiana stands poised to reclaim its status as a significant player in the film production sphere, thereby revitalizing not only its economy but also the artistic and cultural landscape of the state.
Deeper Dive: News & Info About This Topic
- Louisiana Radio Network: Hollywood South
- KATC: Film Bill Boosting Louisiana Industry
- The Advocate: Steps to Revive Louisiana Moviemaking
- NOLA: Film Tax Credits in Louisiana
- WWL-TV: Wendell Pierce on Film Tax Credits
