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SHREVEPORT, LA – Louisiana will keep some form of film tax credits in place. A bill by State Representative Danny McCormick of Oil City would have scrapped the film tax credits, but his measure failed.
Louisiana to Maintain Film Tax Credits
McCormick says he doesn’t have anything at all against the movie industry in Louisiana and is glad they are here. But he says the overall goal for the state right now is to do away with the state income tax. He says the money used to give movie studios tax breaks could help bring down our state income tax. He says we have to look hard at the budget and find ways to bring down the income tax to make Louisiana more competitive on ALL fronts.
He says this is essentially “taking money away from our communities and giving it to the movie industry.”
McCormick says it would be easy to just put forward a bill to lower the income tax and then try to figure out where we make up the money. But he says this bill offers a solution to that.
Committee Raises Concerns About Doing Away with Film Tax Credits
Several committee members had questions about how this might impact film and tv productions across the state from Shreveport to New Orleans. There was also concern about the impact on the jobs the industry creates.
READ MORE: 50 Cent Meets with Governor to Talk About His Plans
Last year, lawmakers voted to restructure the film tax credit program with the goal being to keep the program in place as a way to attract more film projects to our state.
The measure failed to get out of the Ways and Means Committee on a 10-2 vote.
Senator Adam Bass of Bossier City has proposed a film tax credit bill that would keep a 40% tax credit in place. SB 232 would make some minor changes to the program, but it would still offer incentives for movie making in the state.
Governor Jeff Landry has said he supports this measure.
Curtis “50 Cent” Jackson recently met with the Governor and other state leaders to talk about the film tax program. He is currently in the process of ramping up his G-Unit Film Production Company in Shreveport. He’s planning to film movie and TV projects in northwest Louisiana.
Downtown Shreveport Properties Bought By Curtis “50 Cent” Jackson
Ground and Aerial Photos of these downtown properties.
Gallery Credit: Twin Blends Photography and Erin McCarty
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