House Bill No. [insert number] amends and reenacts various provisions of R.S. 47:6023 concerning the sound recording investor tax credit in Louisiana. Key changes include the redefinition of terms such as "base investment," which now specifies that it includes production-related costs and payroll expenditures for Qualified Music Companies (QMCs) approved by the office of cultural development. The bill also extends the application period for investors to apply for the tax credit and increases the tax credit percentage from eighteen to twenty-five percent for certain investments. Additionally, it introduces new definitions and clarifies the administration of the tax credit program, transferring oversight from the Louisiana Economic Development to the office of cultural development.

The bill establishes new requirements and limitations for tax credits, including a tiered payroll credit system for new jobs created by QMCs, with increased percentages for higher salary brackets. It also sets a cap on the total amount of credits that can be certified annually and reserves a portion specifically for QMCs. Furthermore, the bill stipulates that no credits will be granted for applications received on or after July 1, 2030, and allows for emergency rulemaking to implement the new provisions. The effective date for the changes is set for taxable periods beginning on or after January 1, 2025.

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