House Bill No. [insert number] amends and reenacts various provisions of R.S. 47:6023 concerning the sound recording investor tax credit in Louisiana. The bill updates definitions, modifies the administration of the tax credit program to be overseen by the office of cultural development, and adjusts credit amounts and eligibility requirements. Notably, it extends the application period for investors to apply for the tax credit and allows for the promulgation of emergency rules. The tax credit percentage for project-based production is increased from eighteen to twenty-five percent, and the threshold for qualifying investments is adjusted from twenty-five thousand dollars to ten thousand dollars. Additionally, the bill introduces a new termination date for the credits, moving it from July 1, 2025, to July 1, 2030.

The bill also specifies that the office of cultural development will handle the certification and administration of tax credits, replacing the previous references to Louisiana Economic Development. It establishes a first-come, first-served basis for credit applications and sets a cap on the total amount of credits that can be certified annually. Furthermore, it mandates that the office of cultural development submit a report to the legislature every two years detailing the impact of the tax credits on job creation and the economy. The provisions of this Act will apply to taxable periods beginning on or after January 1, 2025, and will take effect upon the governor's signature or after the designated period for bills to become law without signature.

Statutes affected:
HB653 Original: 47:6023(I)
HB653 Engrossed: 47:6023(B)(1)
HB653 Enrolled: 47:6023(B)(1)