SLS 11RS-606 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2011
SENATE BILL NO. 264
BY SENATOR CHAISSON
TAX/TAXATION. Provides for motion picture investor tax credits. (gov sig)
AN ACT1
To amend and reenact R.S. 47:6007(B)(7) and (C)(2) and (4), relative to tax credits; to2
provide for granting motion picture investor tax credits; to provide for definitions,3
allowing the credits, and transferability; and to provide for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 47:6007(B)(7) and (C)(2) and (4) are hereby amended and reenacted6
and R.S. 47:6007(B)(15) is hereby enacted to read as follows: 7
ยง6007. Motion picture investor tax credit8
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B. Definitions. For the purposes of this Section:10
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(7) "Office" means the Governor's Office of Film and Television12
Development until August 15, 2006; thereafter, the term "office" means the office13
of entertainment industry development in the Department of Economic Development14
provided for in R.S. 51:938.1.15
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C. Investor tax credit; specific productions and projects.17 SB NO. 264
SLS 11RS-606 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
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(2) The credit shall be allowed against the income tax for the taxable period2
tax year in which the credit is earned or for the taxable period tax year in which3
initial certification authorizes the credit to be taken. If the tax credit allowed pursuant4
to this Section exceeds the amount of such taxes due for such tax period, then any5
unused credit may be carried forward as a credit against subsequent tax liability for6
a period not to exceed ten years.7
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(4) Transferability of the credit. Any motion picture investor tax credits not9
previously claimed by any taxpayer against its income tax may be transferred or sold10
to another Louisiana taxpayer or to the office, subject to the following conditions:11
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Section 2. This Act shall become effective upon signature by the governor13
or, if not signed by the governor, upon expiration of the time for bills to become law14
without signature by the governor, as provided by Article III, Section 18 of the15
Constitution of Louisiana. If vetoed by the governor and subsequently approved by16
the legislature, this Act shall become effective on the day following such approval.17
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Riley Boudreaux.
DIGEST
Proposed law specifies the administrator of motion picture investor tax credits as the office
of entertainment industry development in the Department of Economic Development.
Proposed law allows credits to be taken against income tax for the tax year in which the
credit is earned or for the tax year in which initial certification authorizes the credit to be
taken.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 47:6007(B)(7) and (C)(2) and (4))