2015 Regular Session ENROLLED
SENATE BILL NO. 98
BY SENATOR MORRELL
1 AN ACT
2 To enact R.S. 15:587(A)(1)(h) and R.S. 47:6007(C)(7), relative to motion picture investor
3 tax credits; to create the Public Registry of Motion Picture Investor Tax Credit
4 Brokers and require certain persons to qualify for and register; to provide for
5 criminal penalties; to require a criminal history background examination; and to
6 provide for related matters.
7 Be it enacted by the Legislature of Louisiana:
8 Section 1. R.S. 15:587(A)(1)(h) is hereby enacted to read as follows:
9 §587. Duty to provide information; processing fees; Louisiana Bureau of Criminal
10 Identification and Information
11 A.(1) * * *
12 (h) The Department of Revenue shall be entitled to the criminal history
13 record and identification files of the bureau of any person who is required to
14 qualify and register for the Public Registry of Motion Picture Investor Tax
15 Credit Brokers pursuant to R.S. 47:6007(C)(7). Fingerprints and other
16 identifying information of the applicant shall be submitted to the bureau for
17 qualification and registry and the bureau shall, upon request of the Department
18 of Revenue and after receipt of such fingerprint card and other identifying
19 information from the applicant, make available to the Department of Revenue
20 all arrest and conviction information contained in the bureau's criminal history
21 record and identification files which pertain to the applicant for qualification
22 and registry. In addition, the fingerprints shall be forwarded by the bureau to
23 the Federal Bureau of Investigation for a national criminal history record
24 check.
25 * * *
26 Section 2. R.S. 47:6007(C)(7) is hereby enacted to read as follows:
ACT No. 451
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1 §6007. Motion picture investor tax credit
2 * * *
3 C. Investor tax credit; specific productions and projects.
4 * * *
5 (7)(a)(i) Any person selling or brokering tax credits issued pursuant to
6 this Section on behalf of an investor shall meet the following qualifications:
7 (aa) The person has no prior conviction for any matter related to taxes,
8 tax credits, or fraud.
9 (bb) No member of the person's immediate family or spouse's immediate
10 family, as defined in R.S. 42:1102(13), is employed by the Department of
11 Revenue or the Department of Economic Development.
12 (cc) The person has not been employed by the office of entertainment
13 industry development in the last two years.
14 (ii) The Department of Revenue may promulgate rules as provided for
15 in the Administrative Procedure Act to ensure that an applicant for the registry
16 is qualified pursuant to Item (i) of this Subparagraph. The rules shall
17 specifically require that any applicant for registration shall undergo a criminal
18 history background examination by the Louisiana Bureau of Criminal
19 Identification and Information as provided for in R.S. 15:587(A)(1)(h) at the
20 expense of the applicant.
21 (iii) If qualified, the person shall be included in a Public Registry of
22 Motion Picture Investor Tax Credit Brokers to be created and maintained by
23 the Department of Revenue.
24 (iv) The Department of Revenue shall provide that an updated list of
25 those eligible to sell or broker tax credits is available to the public and is
26 maintained on its website.
27 (b) No person shall sell or broker tax credits pursuant to this Section
28 without first being qualified by and registering with the Department of
29 Revenue. Failure to qualify and register with the Department of Revenue prior
30 to selling or brokering tax credits issued pursuant to this Section shall be
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1 punishable by a fine of not more than ten thousand dollars or imprisonment at
2 hard labor for not more than five years, or both. In addition to the foregoing
3 penalties, a person convicted under the provisions of this Subparagraph shall
4 be ordered to make full restitution to any person who has suffered a financial
5 loss as a result of this offense. If a person ordered to make restitution is found
6 to be indigent and therefore unable to make restitution in full at the time of
7 conviction, the court shall order a periodic payment plan consistent with the
8 person's ability to pay.
9 * * *
10 Section 3. The provisions of this Section shall apply to transfers occurring on and
11 after regulations of the Department of Revenue providing for the qualifications of persons
12 to be included in the Public Registry of Motion Picture Investor Tax Credit Brokers provided
13 for in this Act are finalized and become effective. Such office shall provide written notice
14 to the Louisiana State Law Institute of the date upon which such regulations become
15 effective.
16 Section 4. This Act shall become effective on January 1, 2016.
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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words in boldface type and underscored are additions.