La. Admin. Code tit. 61 § I-6115

Current through Register Vol. 50, No. 11, November 20, 2024

Section I-6115 - Transfer fee allocation and the Entertainment Development Fund

A. For applications received on or after July 1, 2017, as a general rule motion picture production tax credits may not be transferred or sold to another taxpayer;

1. except that, the motion picture production company that earned the tax credits, or the company's irrevocable designee, may transfer the credits to LDR for 90 percent of the face value of the credits;

2. the transfer notification submitted to LDR shall include a fee of two percent of the tax credit transfer value, which shall be deposited upon receipt in the state treasury and thereafter credited to the Louisiana Entertainment Development Fund.

B. Money in the Louisiana Entertainment Development Fund ("EDF") shall be appropriated as follows:

1. 25 percent to LDR for administrative purposes; and

2. 75 percent to LED for motion picture and television education development initiatives, matching grants for Louisiana filmmakers, Louisiana workforce development programs, and other motion picture production and television related programs.

C. Administration of the EDF fund by LED shall be as follows.

1. Applications shall be accepted on a year round basis, subject to availability of funding in any given year, and shall be administered by LED in accordance with program rules, LAC 61: I, Chapter 21.

La. Admin. Code tit. 61, § I-6115

Promulgated by the Department of Economic Development, Office of Business Development, Office of Entertainment Industry Development, LR 43:301 (February 2017), repromulgated by the Department of Economic Development, Office of Business Development, LR 45877 (7/1/2019), Repealed LR 481497 (6/1/2022), Repealed LR 481916 (7/1/2022), Amended LR 492090 (12/1/2023).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6007