House Bill No. [insert number] aims to amend and reenact various provisions of the Louisiana Revised Statutes concerning the sound recording investor tax credit. 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 seeking the tax credit and increases the credit percentage from eighteen to twenty-five percent for certain investments. Additionally, it modifies the payroll credit structure, increasing the rates for new jobs created by QMCs and establishing new thresholds for eligibility.

The bill further stipulates that the office of cultural development will oversee the administration of the tax credit program, replacing the previous role of Louisiana Economic Development. It introduces a new termination clause, stating that no credits will be granted for applications received on or after July 1, 2030. The provisions of this Act will apply to taxable periods beginning on or after January 1, 2025, and it allows for emergency rulemaking to facilitate the initial implementation of these changes. Overall, the bill seeks to enhance the sound recording industry in Louisiana by providing more substantial financial incentives for investors and streamlining the certification process.

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