ENROLLED ACT No. 401 2021 Regular Session HOUSE BILL NO. 445 BY REPRESENTATIVES BOURRIAQUE AND WHITE 1 AN ACT 2 To amend and reenact R.S. 47:6023(C)(2), (D)(2)(c)(iii), and (E) and to repeal R.S. 3 47:6023(C)(5), relative to the sound recording investor tax credit; to eliminate 4 certain restrictions regarding the reduction of a taxpayer's tax liability; to authorize 5 the payment of refunds under certain circumstances; to provide for certain deposits; 6 to provide for certain requirements and limitations; to provide for an effective date; 7 and to provide for related matters. 8 Be it enacted by the Legislature of Louisiana: 9 Section 1. R.S. 47:6023(C)(2), (D)(2)(c)(iii), and (E) are hereby amended and 10 reenacted to read as follows: 11 ยง6023. Sound recording investor tax credit 12 * * * 13 C. Investor tax credit; state-certified productions. 14 * * * 15 (2) Sound recording investor tax credits associated with a state-certified 16 production or tax credits for a Qualified Music Company shall never exceed the total 17 base investment in that production or sound recording infrastructure project. 18 * * * 19 D. Certification and administration. 20 * * * Page 1 of 3 CODING: Words in struck through type are deletions from existing law; words underscored are additions. HB NO. 445 ENROLLED 1 (2) 2 * * * 3 (c) 4 * * * 5 (iii) At the time of application, the applicant shall may be required to submit 6 a deposit in an amount equal up to fifty percent of the expenditure verification report 7 fee required pursuant to the provisions of Item (ii) of this Subparagraph. 8 * * * 9 E. Tax credit certification letter for Qualified Music Company credit and 10 project-based production tax credit. (1) After certification, the Louisiana 11 Department of Economic Development shall submit the tax credit certification letter 12 to the Department of Revenue on behalf of the QMC or the investor who earned the 13 sound recording tax credits. The Department of Revenue may require the QMC or 14 the investor to submit additional information as may be necessary to administer the 15 provisions of this Section. Upon receipt of the tax credit certification letter and any 16 necessary additional information, the secretary of the Department of Revenue shall 17 make payment to the QMC or the investor in the amount to which he is entitled from 18 the current collections of the taxes collected pursuant to Chapter 1 of Subtitle II of 19 this Title, as amended. 20 (2) The provisions of this Subsection shall be applicable to Qualified Music 21 Companies with applications received on or after July 1, 2021. Qualified Music 22 Companies with applications received prior to July 1, 2021 shall continue to be 23 applied and carried forward pursuant to the provisions of Subparagraph (C)(4)(b) of 24 this Section. 25 * * * 26 Section 2. R.S. 47:6023(C)(5) is hereby repealed in its entirety. Page 2 of 3 CODING: Words in struck through type are deletions from existing law; words underscored are additions. HB NO. 445 ENROLLED 1 Section 3. This Act shall become effective upon signature by the governor or, if not 2 signed by the governor, upon expiration of the time for bills to become law without signature 3 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If 4 vetoed by the governor and subsequently approved by the legislature, this Act shall become 5 effective on the day following such approval. SPEAKER OF THE HOUSE OF REPRESENTATIVES PRESIDENT OF THE SENATE GOVERNOR OF THE STATE OF LOUISIANA APPROVED: Page 3 of 3 CODING: Words in struck through type are deletions from existing law; words underscored are additions.