As lobbyists for industries that could see their tax breaks eliminated as part of Gov. Jeff Landry’s push to rewrite Louisiana’s tax laws descend on Baton Rouge, one group that is particularly vocal is the film industry.
In 2002, Louisiana created the Motion Picture Tax Credit Program as part of an effort to attract production companies and the jobs and economic development they bring. The pitch was to make Louisiana a “Hollywood South.”
But the credit is one of many that could soon be eliminated.
The Landry administration wants to slash Louisiana’s corporate income tax rate by four percentage points and lower individual income tax rates — which also apply to many businesses — arguing the income tax cuts will make the state more competitive. One part of the plan to make up the lost revenue is to have certain industries relinquish treasured tax incentive programs.
After a 20-day special session on tax reform kicked off last Wednesday, interest groups have showed up at the Capitol to make a case for keeping their tax breaks. See more at The Advocate.
