House Bill No. HLS 25RS-1338 proposes a significant overhaul of the sound recording investor tax credit program by transferring its administration from the Louisiana Economic Development department to the Department of Culture, Recreation and Tourism. The bill extends the application deadline for tax credits to July 1, 2030, and increases the tax credit percentage for investors from eighteen to twenty-five percent. Additionally, it lowers the minimum base investment threshold for Louisiana residents from ten thousand to five thousand dollars, making the program more accessible.

The bill also introduces new provisions for the program's administration, allowing the Department of Culture, Recreation and Tourism to create emergency rules for initial implementation. It mandates that the office of cultural development will oversee the certification of expenditures and the issuance of tax credit certification letters. Furthermore, it requires a report on the program's impact to be submitted to legislative committees every two years, ensuring ongoing oversight and evaluation of the program's effectiveness in enhancing the sound recording industry in Louisiana.

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