The bill amends and reenacts several provisions of the Louisiana motion picture production tax credit program, specifically R.S. 47:6007. Key changes include the renaming of the office responsible for the program to the "office of entertainment industry development" and the establishment of new definitions and rules for the program. Notably, the bill introduces a new tax credit structure for state-certified productions and Qualified Entertainment Companies, allowing for a credit of up to forty percent for approved projects starting from July 1, 2025. The bill also outlines the criteria for application approval, emphasizing the importance of economic impact and statewide funding distribution.

Additionally, the bill sets specific maximum credit amounts for productions and companies applying for tax credits before July 1, 2025, including caps on individual project credits and payroll expenditures. The Louisiana Economic Development office is tasked with promulgating rules for the program, which must be approved by relevant legislative committees. The effective date of the bill is set for July 1, 2025, with provisions for it to take effect sooner if approved by the legislature following a gubernatorial veto.

Statutes affected:
SB232 Original: 47:6007(B)(18)
SB232 Engrossed: 47:6007(B)(18)
SB232 Reengrossed: 47:6007(B)(11)
SB232 Enrolled: 47:6007(B)(11)
SB232 Act : 47:6007(B)(11)