Louisiana House Bill HB331

Louisiana 2019 Regular Session

• Introduced: 3/28/19
• Refer: 3/28/19
• Refer: 4/8/19
• Report Pass: 4/23/19
• Engrossed: 4/30/19
• Refer: 5/1/19
• Report Pass: 5/20/19
• Refer: 5/21/19
• Report Pass: 5/31/19
• Enrolled: 6/6/19
• Chaptered: 6/18/19
• Passed: 6/18/19

Caption

Authorizes an additional base investment tax credit for resident copyrighted sound recordings (EN NO IMPACT GF RV See Note)

Impact

The implementation of HB 331 is expected to have a positive impact on the state's economy by providing financial incentives for both local and outside investors. This measure will likely result in increased activity within the Louisiana music industry, thereby creating jobs and fostering an environment conducive to artistic innovation. The tax credits will allow more sound recording production companies to operate, which could lead to a wider variety of music outputs and potentially elevate Louisiana's status as a cultural hub.

Summary

House Bill 331 focuses on enhancing the sound recording industry in Louisiana by amending the existing sound recording tax credit system. The bill introduces additional tax credits for investments made in resident copyrighted sound recordings, aiming to stimulate economic growth within this sector. It also defines important terms such as 'resident copyright' and stipulates the requirements for sound recording production companies to qualify for these tax credits. By extending the usability of these tax credits, the bill seeks to encourage more investment in local music production.

Sentiment

Overall, the sentiment surrounding HB 331 appears to be favorable, particularly among members of the music and entertainment communities. Supporters view the bill as a necessary step to boost an industry that is pivotal to Louisiana's cultural identity and economic viability. However, there are concerns regarding the effectiveness of the tax credit system and whether it will truly result in the desired outcomes for local artists and businesses.

Contention

Notable points of contention largely revolve around the specifics of how these tax credits will be administered and monitored. Critics argue that without proper oversight, such incentives may not benefit smaller, local artists and could disproportionately favor larger production companies. Additionally, some stakeholders have raised questions about the long-term sustainability of this incentive structure and whether it could lead to excessive reliance on government support in the industry.