Requires the Louisiana Workforce Commission to provide information to LED and LDR to verify payroll and employment of Louisiana residents for purposes of the motion picture investor tax credit. (7/1/15) (EN SEE FISC NOTE GF RV See Note)
Impact
The enactment of SB101 has significant implications for state laws governing tax credits for the film industry. By mandating verification of payroll through the Workforce Commission, the bill aims to streamline tax incentives to ensure that credits are awarded fairly and transparently. This change is expected to bolster the state's appeal as a filming location, supporting local employment and potentially leading to increased economic activity within the motion picture sector.
Summary
Senate Bill 101 aims to enhance the verification process for payroll and employment data related to motion picture investor tax credits in Louisiana. The bill modifies existing law to require the Louisiana Workforce Commission to furnish information to the Louisiana Economic Development (LED) office and the Louisiana Department of Revenue (LDR). This process ensures that tax credits are awarded based on accurate information regarding salaries, wages, and benefits for individuals involved in state-certified productions, particularly focusing on residents of Louisiana.
Sentiment
The sentiment surrounding SB101 appears to be favorable, with the bill receiving unanimous support in the Senate during the voting process. Legislators and stakeholders in the film industry likely view this as a necessary step towards enhancing the integrity of the tax credit system. The emphasis on ensuring that only legitimate payroll expenses are considered for tax credits indicates a proactive approach to tax management and oversight in the film sector.
Contention
While there were no recorded oppositions to SB101 in the Senate vote, it's important to note that tax credit legislation can often generate debate, particularly regarding its long-term sustainability and impact on state budgets. However, the absence of dissenting votes suggests that the measures proposed in SB101 were well-received and viewed as a constructive modification to existing laws that will help clarify and strengthen the tax credit process for Louisiana's motion picture industry.
Requires the withholding of individual income taxes from income earned by certain individuals for purposes of the motion picture investor tax credit (EN SEE FISC NOTE GF RV See Note)
Authorizes certifications of motion picture investor tax credits for Indigenous Louisiana Productions which agree 75% of its expenditures for ATL services will be expended on Louisiana residents and that 75% of its jobs will employ Louisiana residents and provides special tax credit provisions for them. (gov sig)
Requires sellers of motion picture investor tax credits to qualify for and be included in a Public Registry of Motion Picture Investor Tax Credit Brokers. (1/1/16) (EN +$60,000 GF EX See Note)