Senate Bill No. 232, introduced by Senator Bass, seeks to amend the motion picture production tax credit program in Louisiana. The bill renames the "Governor's Office of Film and Television Development" to the "office of economic development in Louisiana Economic Development" effective July 1, 2025. It establishes a new tax credit structure for state-certified productions and Qualified Entertainment Companies (QECs) approved on or after this date, allowing for a tax credit of up to 40% for approved projects, contingent upon adherence to program rules and annual cap provisions. The bill also empowers Louisiana Economic Development to consider various discretionary factors when approving applications, including economic impact and funding availability.

Additionally, the bill repeals existing provisions related to project-based and company-based tax credits for applications approved after July 1, 2025. This includes the removal of specific credit caps and payroll expenditure limits that were previously in place, such as the $20 million cap for a single state-certified production and the $3 million cap on qualifying payroll for individual services. The proposed law mandates that Louisiana Economic Development promulgate rules for the program's administration, with oversight from relevant legislative committees, and allows for emergency rulemaking to expedite implementation. The bill is set to take effect on July 1, 2025, unless vetoed by the governor and subsequently approved by the legislature.

Statutes affected:
SB232 Original: 47:6007(B)(18)