Senate approves bill to sunset movie tax credit program
BATON ROUGE – The Louisiana Senate has approved, 33-3, a bill that would end the Motion Picture Production Tax Credit program after eight years unless the Legislature votes to renew it and reined in the generous tax break for movie companies using the state as shoot locations.
The future sunset was to give lawmakers time to see if the benefits are worth the cost of the program. Passed Wednesday evening, the bill now moves to the House.
The proposed law would initially continue to finance the program at $180 million. After three years, it is capped at $150 million each year until the eighth year.
Sen. J.P. Morrell, D-New Orleans, said he authored Senate Bill 254 to “slim this program down” so the state will not have to deal with crippling credits in the future.
Read more: http://www.shreveporttimes.com/story/news/local/louisiana/2017/05/18/senate-approves-bill-end-movie-tax-credit-program/101842268/