House Bill No. [insert bill number] proposes significant changes to Louisiana's income 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 taxable income from 3% to 2.75%, effective January 1, 2027. Additionally, it modifies the motion picture production tax credit provisions in R.S. 6007(C)(1) by terminating the 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 while providing a more favorable tax rate for individuals. The proposed changes will impact the eligibility for tax credits associated with state-certified productions and Qualified Entertainment Companies (QECs), limiting the acceptance of applications for these credits to a two-year window from the bill's enactment. The bill is set to 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)