Study: Film tax break costs Louisiana millions
BATON ROUGE, La. (AP) - A new study shows that Louisiana taxpayers are losing roughly two-thirds of the money they put into the state's film tax credit program.
The Advocate reports the preliminary figures unveiled Thursday show that for every dollar spent on the tax credit programs, state and local governments get about 36 cents back in tax revenue. Louisiana's motion picture production tax credit reimburses film and TV producers up to 40 percent of the cost of their work in the state.
New York-based Camoin Associates conducted the study for Louisiana Economic Development. It was unveiled at the Louisiana Entertainment Summit in Baton Rouge. Camoin Associates Vice President Michael N'dolo says the study includes the sound and live entertainment industries but the vast majority of the spending comes from the film industry.