Louisiana Film Tax Credits Create Needed Economic Punch
Louisiana has always has a unique mix of unique culture, great food and wonderful history. But in recent years the state has thrown financial incentives into the “gumbo” as well. These film tax credits have provided the “spice” that has propelled Louisiana to one of the top filming spots in the world.
According to state officials, 2008 film production in Louisiana has already outperformed 2007 figures both in terms of total dollars and number of projects. The news couldn’t come at a better time for Louisiana – a state that has worked hard to find ways to replace the losses in tourism that has hurt the state in the post-Hurricane Katrina era.
Some key facts about Louisiana’s film industry:
- More than $2 billion in productions have been filmed in Louisiana since 2002
- The total direct impact to Louisiana’s economy is $1.48 billion
- The percentage of film budgets spent in Louisiana has risen from 33% in 2005 to 87% for 2007
- Film-related jobs in Louisiana have grown at a rate of 23% per year
- Over 50 projects were completed in 2007 statewide
- An estimated 65 projects will be completed in 2008
Source: Louisiana Film Office
Success of Key Tax Incentives
The film industry sat up and took notice in 2002 when the Louisiana State Legislature enacted an aggressive film tax incentive program. Louisiana’s film investor tax credit program offers out of state production companies a tax credit equal to 25% of their spending in Louisiana during film production. The labor tax credit offers an additional 10% tax credit based on the amount of Louisiana labor employed during the production.
So what has been the impact of these film tax incentives? Without question the lure of tax credits has helped grow the entire film industry in the state. From private investments to sound stage and studios – the impact is being seen all over the state. Many local colleges and universities have already added specialized training programs to satisfy the growing workforce demands
Music and Television Productions
In addition to studio film productions Louisiana’s tax credits have drawn in music and television shows such as:
- Disney’s “Imagination Movers”
- "Fox's "K-ville" shot its first year’s pilot program at some of New Orleans more popular tourist settings last fall.
- The Subway "Odd Couple" commercial staring New Orleans Saints star Reggie.
- Warbirds, a Sci-Fi channel original movie was shot in the Baton Rouge area and recently made its worldwide television premier.
Key Infrastructure Developments
Not to be overlooked in the success of this young industry is the 40% infrastructure tax credit which has encouraged the development of much needed production support facilities. These new facilities allow film production studios to conduct more of their work in the state thus maximizing their “Louisiana spend.”
Turn Key Production Partners
FBT Film and Entertainment (www.fbtfilm.com) is the only provider of Louisiana film incentive programs affiliated with a bank. Through our relationship with First Bank and Trust we are able to offer producers a full range of support services including:
- Underwriting films, studio projects and evaluating gap financing
- Private equity placements
- Budget analysis to optimize potential tax credits
- Banking relationships and deposit services
- Obtaining state certifications for credits
- Maximizing the value/sale of tax credits
(ArticlesBase SC #618619)
Article Tags:
Louisiana Tax Credit
,Louisiana Film Tax Credit
,Louisiana Film Tax Incentive
,Louisiana Film Industry
,Film Tax Credit
,Fbt Film
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