Metro Council Passes Measure Hoping Tax Incentives Could Revitalize Baton Rouge Film Industry

Tax Incentives Could Revitalize Baton Rouge Film Industry
Posted on Monday, December 12, 2016

#taxincentives #incentives #filmtax #film #filmindustry
Recently, the Metro Council passed a measure in the hope that tax incentives could revitalize baton rouge film industry. According to the measure, studios who shoot their films in Baton Rouge will receive a two-cent tax rebate per dollar spent. The measure does not provide a blanket rebate on every dollar spent for the entire production, but instead for certain costs, such as building materials and equipment that's rented or purchased locally. Currently, the rebate has a cap of $500,000.
Baton Rouge is the most recent parish in Louisiana to enact a tax rebate aimed at attracting business from the film industry. Jefferson Parish, Shreveport, Lafayette and St. Bernard Parish already have similar rebates in place. The recent passage came as Baton Rouge company Celtic Studios saw a decline in business after the passing of a statewide limit on tax credits in 2015.
Historically, Louisiana has been a leader in adopting tax incentives to spur film and television growth. In 1992, it was the first state to adopt such incentives. In 2002, the state expanded its tax incentive program and saw its already strong film and television business expand even further. By 2009, 44 states, as well as Puerto Rico and Washington D.C. had some form of incentive to attract film production business.
During the fiscal crisis in 2008 and 2009, states facing uncertainty and budget shortfalls got rid of their incentive programs. Others, like Louisiana in 2015, placed caps on the total amount of credit a production could obtain.
For more information regarding state tax credits, and how we can help you make the most of state tax credits that are available throughout the US, please feel free to contact us at any time.

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