La. Admin. Code tit. 61 § I-6991

Current through Register Vol. 50, No. 8, August 20, 2024

Section I-6991 - General Description

A. The program offers the following types of tax credits.

1. Base investment credit. A base investment credit may be granted for qualified production expenses made from investments in a state-certified musical or theatrical production;

2. Louisiana resident payroll credit. A Louisiana resident payroll credit may be granted for qualified payroll of Louisiana residents employed in connection with a state-certified musical or theatrical production;

3. Louisiana student payroll credit. A payroll credit may be granted for employment of students enrolled in Louisiana colleges, universities and vocational-technical students in connection with a state-certified musical or theatrical production;

B. Tax credits are earned in the calendar year expended, to the extent the expenditures receive final certification from the department.

C. Tax credits associated with a state-certified musical or theatrical production shall never exceed the total base investment in that production.

D. Beginning July 1, 2017, the total amount of credits granted by the department in any fiscal year shall not exceed ten million dollars. Fifty percent of total tax credits available to be granted annually shall be reserved for state-certified musical or theatrical productions by approved nonprofit organizations.

E. For applications received on or after July 1, 2017, no more than one million dollars in tax credits shall be granted per project.

F. Tax credits shall be available on a first come, first served basis, based upon date of final certification and qualification of expenditures. If the total amount of credits applied for in any particular year exceeds the aggregate amount of tax credits allowed for that year, the excess shall be treated as having been applied for on the first day of the subsequent year.

G. Base investment tax credits shall be transferable only once.

H. No tax credits shall be granted under this program until the rules are approved by the House Committee on Ways and Means and the Senate Committee on Revenue and Fiscal Affairs, in accordance with the provisions of the Administrative Procedures Act.

I. Applicants may apply for more than one entertainment tax credit program administered by the department, provided that:

1. separate applications are submitted for each program;

2. expenditures shall only qualify for one specified program; and

3. multiple applications shall not result in any duplication of tax credits.

J. No credit shall be granted pursuant to this program for applications received on or after July 1, 2025.

La. Admin. Code tit. 61, § I-6991

Promulgated by the Department of Economic Development, Office of Business Development, Office of Entertainment Industry Development, LR 35:2173 (October 2009), repromulgated LR 36:2236 (October 2010), repromulgated by the Department of Economic Development, Office of Business Development, LR 45893 (7/1/2019), Amended LR 48408 (3/1/2022).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6034(E).