Committee to discuss film tax credit reduction
BATON ROUGE - Lawmakers scheduled a hearing this morning for a bill which would cut the tax credit given to film production companies by half.
The bill by Rep. Ted James (D-Baton Rouge) would reduce the credit from 30 percent to 15 percent. It was scheduled for a hearing in the House Ways and Means Committee.
A recent audit reported Louisiana lost $800 million in tax revenue over five years because of the credit, and said the state didn't receive enough revenue back from film companies to cover the difference.
Critics of the changes say the state will lose more money because film companies will stop coming to Louisiana.
News 2's Adrian Pittman is at the hearing and will have more on today's testimony tonight at 5 and 6.
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