House Bill No. [insert bill number] proposes significant changes to Louisiana's tax structure by repealing the motion picture production tax credit and reducing the individual income tax rate. Specifically, the bill amends R.S. 47:32(A) to lower the tax rate on individual income from 3% to 2.75%, effective January 1, 2027. Additionally, it modifies R.S. 6007(C)(1) to terminate the motion picture production tax credit for applications received on or after July 1, 2025, instead of the previously established date of July 1, 2031.

The bill aims to streamline the tax incentives related to motion picture production by limiting the acceptance of applications for tax credits to a specific timeframe, thereby encouraging productions to conclude by the new deadline. The proposed changes reflect a shift in fiscal policy, prioritizing a reduction in individual income tax while phasing out incentives for the film industry. The bill will take effect upon the governor's signature or after the designated period for gubernatorial action.

Statutes affected:
HB341 Original: 47:32(A), 47:6007(C)(1)