The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Laura Gail Sullivan.
DIGEST
SB 266 Original 2015 Regular Session Adley
Present law provides for tax credits to encourage certain economic development activities. Provides
for motion picture investor tax credits and for tax credits for rehabilitation of historic structures.
Provides for the qualification and amounts of the credits.
Proposed law retains present law.
Present law relative to movie credits allows the credits to be transferred or sold to another taxpayer
or to the Dept. of Economic Development.
Proposed law retains present law through June 30, 2015.
Proposed law relative to movie credits establishes a cap of $208 million on the total amount of
credits allowed in a fiscal year beginning with FY 2015-16. The cap is the baseline average of the
aggregate amount of claims filed for the credits provided for in present law during the three fiscal
years from FY 2011-12 to FY 2013-14.
Proposed law relative to historic structure rehabilitation credits establishes a cap of $46 million on
the total amount of credits allowed in a fiscal year beginning with FY 2015-16. The cap is the
baseline average of the aggregate amount of claims filed for the credits provided for in present law
during the three fiscal years from FY 2011-12 to FY 2013-14.
For both types of credits, proposed law provides that claims for the credit shall be allowed on a
first-come, first-served basis. Provides that any taxpayer whose claim for the credit is disallowed
may use the credit against income or corporate franchise tax liability due in a return filed in the next
fiscal year and his claim shall have priority over other claims filed after the date and time of his
original claim.
Proposed law relative to historic structure rehabilitation provides that the Dept. of Revenue shall
exercise administrative authority over all determinations with regard to the tax credit, including
determining eligibility for the credit and assuring that the provisions of proposed law are enforced.
Effective July 1, 2015.
(Amends R.S. 47:6007(C)(intro para), (C)(4)(intro para), and 6019(A)(1)(a) and (C); adds R.S.
47:6007(G) and 6019(D))