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: Extends the sunset date for issuance of sound recording tax credits from Jan. 1, 2015
to Jan. 1, 2020, and reduces the threshold above which La. 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 but changes the sunset date to Jan. 1, 2020.
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))
Summary of Amendments Adopted by House
House Floor Amendments to the engrossed bill.
1. Extends authorization for tax credits to Jan. 1, 2020.