Film tax credit program review to focus on creating sustainable industry
BATON ROUGE - The Governor's Office says Louisiana Economic Development will execute a comprehensive review of the state’s film tax credit program in order to provide recommendations for reform and best practices for the 2017 fiscal session.
The goal is to create a sustainable Louisiana film and TV production industry that provides fiscal predictability for the state. LED’s analysis will include an independent examination of the program’s economic impact in the state along with input from all stakeholders, including the film industry itself.
“Louisiana has a storied history in filmmaking, with one of the world’s most diverse settings for cinematic and television productions,” Gov. Edwards said. “Since the dawn of Louisiana’s modern-era film program in 2002, we have played host to more than $6 billion in film and TV production. We’ve developed an infrastructure that supports thousands of jobs, boosts small businesses and communities statewide, and provides a powerful impact that we seek to retain.”
The Governor says the film industry has his full support, and that Louisiana will remain open for business with one of the most attractive incentive programs both nationally and globally.
LED Secretary Don Pierson said Louisiana’s emergence as a film industry innovator 14 years ago established the state as an entertainment industry leader. Now, the state will look toward digital interactive media, sound recording and live performance production to reinforce that position.
“Louisiana’s accomplishments in the film and television production industry have been significant,” Pierson said. “There is great merit and durable value in retaining and growing this industry. Our program produces a tremendous return for small businesses and promotes Louisiana as a place of importance to a global market. We will leverage that value as we establish a new era for the Louisiana Entertainment brand. Today’s film industry must be nimble, with more voices, more platforms and more disruptive technologies than ever before. By evolving our partnership with the film and television industry and focusing our efforts on successful companies that are willing to commit to Louisiana, we will be poised to secure technically skilled jobs and share success with hundreds of small businesses in our state.”
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