SLS 15RS-416 ORIGINAL
2015 Regular Session
SENATE BILL NO. 96
BY SENATOR MORRELL
TAX/TAXATION. Limits all claims against income tax for motion picture investor tax
credits filed during each fiscal year to $300 million, but rolls over any remaining balance to
future fiscal years. (7/1/15)
1 AN ACT
2 To amend and reenact R.S. 47:6007(C)(1)(d) and to enact R.S. 47:6007(C)(1)(e), relative
3 to motion picture investor tax credits; to limit the amount of tax credits which may
4 be claimed each fiscal year; and to provide for related matters.
5 Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 47:6007(C)(1)(d) is hereby amended and reenacted and R.S.
7 47:6007(C)(1)(e) is hereby enacted to read as follows:
8 ยง6007. Motion picture investor tax credit
9 * * *
10 C. Investor tax credit; specific productions and projects.
11 (1) There is hereby authorized a tax credit against state income tax for
12 Louisiana taxpayers for investment in state-certified productions. The tax credit shall
13 be earned by investors at the time expenditures are made by a motion picture
14 production company in a state-certified production. However, credits cannot be
15 applied against a tax or transferred until the expenditures are certified by the office
16 and the secretary. For state-certified productions, expenditures shall be certified no
17 more than twice during the duration of a state-certified production unless the motion
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 96
SLS 15RS-416 ORIGINAL
1 picture production company agrees to reimburse the office for the costs of any
2 additional certifications. The tax credit shall be calculated as a percentage of the total
3 base investment dollars certified per project.
4 * * *
5 (d)(i) For each fiscal year beginning Fiscal Year 2015-2016, no more than
6 three hundred million dollars of tax credits provided pursuant to this Section
7 shall be allowed against state income tax for all claims for the credit filed during
8 each fiscal year. Claims for credit shall be allowed on a first-come-first-served
9 basis. Any taxpayer whose claim for such tax credits is disallowed may use the
10 tax credits against state income tax due in a return filed in the next fiscal year,
11 and his claim shall have priority over other claims filed after the date and time
12 of his original claim.
13 (ii) If less than three hundred million dollars of such tax credits are
14 claimed and allowed in a fiscal year, the amount unclaimed in that fiscal year,
15 plus any unclaimed amounts from previous fiscal years, shall be added to the
16 three hundred million dollar limit of a subsequent fiscal year until they are
17 claimed and allowed.
18 (e) Motion picture investor tax credits associated with a state-certified
19 production shall never exceed the total base investment in that production.
20 * * *
21 Section 2. This Act shall become effective on July 1, 2015; if vetoed by the governor
22 and subsequently approved by the legislature, this Act shall become effective on July 1,
23 2015, or on the day following such approval by the legislature, whichever is later.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Riley Boudreaux.
DIGEST
SB 96 Original 2015 Regular Session Morrell
Proposed law limits the motion picture investor tax credits allowed against state income tax
for all claims for the credit filed during each fiscal year to $300 million on a first-come-first-
served basis.
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 96
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If less than $300 million of tax credits are claimed and allowed in a fiscal year, the amount
unclaimed in that fiscal year, plus any unclaimed amounts from previous fiscal years, must
be added to the $300 million dollar limit of a subsequent fiscal year until they are claimed
and allowed.
Any taxpayer whose claim for such tax credits is disallowed may use the tax credits against
state income tax 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.
Effective July 1, 2015.
(Amends R.S. 47:6007(C)(1)(d); adds R.S. 47:6007(C)(1)(e))
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.