HLS 13RS-1006 ENGROSSED
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2013
HOUSE BILL NO. 358
BY REPRESENTATIVES ABRAMSON, WESLEY BI SHOP, JOHNSON, RITCHIE,
STOKES, PATRICK WILLIAMS, AND WILLMOTT
TAX CREDITS: Removes the Jan. 1, 2015, sunset date for issuance of sound recording
investor tax credits and provides a threshold for Louisiana residents
AN ACT1
To amend and reenact R.S. 47:6023(C)(1), relative to tax credits; to provide relative to the2
sound recording investor tax credit; to allow for the continuation of such tax credits3
after January 1, 2015; to provide for base investment for resident investors; and to4
provide for related matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 47:6023(C)(1) is hereby amended and reenacted to read as follows:7
ยง6023. Sound recording investor tax credits8
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C. Investor tax credit; state-certified productions and infrastructure projects.10
(1) Until January 1, 2015, thereThere is hereby authorized a credit against11
the state income tax for investments made in state-certified productions and state-12
certified sound recording infrastructure projects. The tax credit shall be earned by13
investors at the time expenditures are certified by the Louisiana Department of14
Economic Development according to the total base investment certified for the sound15
recording production company per calendar year; however, no credit shall be allowed16
under this Section for any expenditures for which a credit was granted under R.S.17
47:6007. For state-certified productions certified on and after July 1, 2007, and18
state-certified infrastructure projects which have applied on or before August 1,19 HLS 13RS-1006 ENGROSSED
HB NO. 358
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
2009, each investor shall be allowed a tax credit of twenty-five percent of the base1
investment made by that investor in excess of fifteen thousand dollars or, if a2
resident of this state, in excess of five thousand dollars.3
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DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Abramson HB No. 358
Abstract: Removes the Jan. 1, 2015, sunset date for issuance of sound recording tax credits
and reduces the threshold above which Louisiana residents are entitled to a credit.
Present law provides for the issuance of tax credits, until Jan. 1, 2015, against state income
tax for investments made in state-certified productions and state-certified musical recording
infrastructure projects. The tax credit shall be earned by investors at the time expenditures
are certified by the Dept. of Economic Development according to the total base investment
certified for the sound recording production company per calendar year. Present law
prohibits a sound recording company from earning a tax credit for which a credit was
granted for motion picture tax credits. Present law provides that the sound recording tax
credit expires on Jan. 1, 2015. Proposed law retains present law except eliminates the date
by which the tax credit is scheduled to expire.
Present law further authorizes a tax credit for 25% of the base investment of an investor
made by that investor in excess of $15,000 for state-certified productions certified on and
after July 1, 2007, and state-certified infrastructure projects certified on or before Aug. 1,
2009. Proposed law reduces the threshold to $5,000 for La. residents.
(Amends R.S. 47:6023(C)(1))