Gov. John Bel Edwards announced today that Louisiana Economic Development will execute a comprehensive review of the state’s Motion Picture Production Tax Credit program, with recommendations for reform and best practices to be addressed in the 2017 fiscal session. The goal will be a sustainable Louisiana film and TV production industry that provides fiscal predictability for the state, according to a statement from the governor’s office. LED’s analysis will include an independent examination of the program’s economic impact in Louisiana as well as input from all stakeholders, including the film industry.
“Since the dawn of Louisiana’s modern-era film program in 2002, we have played host to more than $6 billion in film and TV production,” Edwards says. “We’ve developed an infrastructure that supports thousands of jobs, boosts small businesses and communities statewide, and provides a powerful impact that we seek to retain. Today, and going forward, we’re focusing on what we can do to provide greater fiscal stability to state government, while creating a sustainable path for the long-term future.”
Once one of the most generous incentive programs in the country, Louisiana drastically scaled back the credits it awards to movie and television producers during the 2015 legislative session. In the year since, film business in the state has decreased by nearly 80%, according to comments from LED Secretary Don Pierson in a recent story in Business Report.
In a prepared statement today, Pierson reiterates his support for the tax credit program.
“Louisiana’s accomplishments in the film and television production industry have been significant,” Pierson says. “There is great merit and durable value in retaining and growing this industry. Our program produces a tremendous return for small businesses and promotes Louisiana as a place of importance to a global market. We will leverage that value as we establish a new era for the Louisiana Entertainment brand.”
