Louisiana House Bill HB358

Louisiana 2013 Regular Session

• Introduced: 4/8/13
• Refer: 4/8/13
• Report Pass: 5/6/13
• Engrossed: 5/15/13
• Refer: 5/16/13
• Refer: 5/29/13
• Report Pass: 6/1/13
• Enrolled: 6/3/13
• Chaptered: 6/18/13
• Passed: 6/18/13

Caption

Removes the Jan. 1, 2015, sunset date for issuance of sound recording investor tax credits and provides a threshold for Louisiana residents (EN DECREASE GF RV See Note)

Impact

The extension of the tax credit period is expected to have a positive impact on the creative industry within Louisiana by incentivizing further investment in sound recording projects. By promoting economic activity in this sector, the bill encourages the growth of jobs related to sound production, potentially increasing the overall economic output of the state. This change could attract both local and national producers to invest in Louisiana's burgeoning entertainment landscape.

Summary

House Bill 358 aims to amend the sound recording investor tax credit in Louisiana by removing the sunset date for the issuance of these credits, initially set for January 1, 2015. The bill extends this period to January 1, 2020, thereby allowing investors to continue benefitting from tax credits for their investments in both state-certified productions and sound recording infrastructure projects. The tax credit is available to both resident and non-resident investors, contingent upon certain investment thresholds defined within the bill.

Sentiment

The general sentiment around HB358 appears to be favorable among supporters, particularly those associated with the music and sound production industries. Advocates argue that the continuation of tax credits will bolster Louisiana's competitiveness as a destination for music production and increase opportunities for local artists and businesses. However, there may be some contention regarding the fiscal implications of extending such tax credits, particularly concerning the potential impact on state revenues.

Contention

Notable points of contention include the debate over the sustainability of tax incentives and the ongoing fiscal health of the state. Critics may argue that while the bill could promote immediate economic benefits, it may also have long-term implications on state resources. The discussion centers on the balance between incentivizing growth in the entertainment sector and ensuring that the state can maintain sufficient funding for other essential services.