Bill to reduce film tax credit pulled
BATON ROUGE - The author of a bill which sought to cut lucrative tax credits for film companies in half pulled the bill today before it could be discussed at a legislative committee.
Rep. Ted James (D-Baton Rouge) deferred the bill without testimony, saying he wanted to discuss the measure with another lawmaker.
HB 161 would have cut the state's tax credit for film production companies from 30 percent to 15 percent. A recent audit claimed the tax credits took more money out of state coffers than it put in over the past five years. Critics say reducing the credit would cause the state's film industry to dry up and cost Louisiana more money, because the audit didn't include revenue generated across the economy by film crews.
"It costs the state almost $200 million. It does not yield the benefit the state intended," said Rep. Ted James.
The bill could be reintroduced later in the session.
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