The bill amends the motion picture production tax credit program in Louisiana, specifically updating definitions and provisions related to the program. It renames the "Governor's Office of Film and Television Development" to the "office of entertainment industry development" and establishes that this office will remain in place until July 1, 2025. The bill introduces a new tax credit 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. Additionally, it outlines the criteria for applications, the maximum credit amounts, and the rule-making process for the program.

Key changes include the establishment of a new definition for "Louisiana promotional graphic" and the introduction of a new subsection (C)(1)(d) that specifies the tax credit for future projects. The bill also sets maximum credit caps for productions and payroll expenditures, which will apply to applications submitted before July 1, 2025. The Louisiana Economic Development office is tasked with considering various factors when approving applications and is required to promulgate rules for the program, with an emphasis on expediting the implementation through emergency rulemaking. The act is set to take effect on July 1, 2025, unless vetoed and subsequently approved by the legislature.

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)