BREAKING: Louisiana Gov. Bobby Jindal Signs Film Bill HB829 Into Law

by Micah Haley on June 19, 2015

louisiana-baton-rouge-state-capitolAfter a strange, whirlwind legislative session that concluded with lawmakers passing new legislation with only two minutes left in session, Louisiana Governor Bobby Jindal has signed that legislation (HB829) into law.

The new law will, for the first time, place a type of cap on the film incentives that have allowed Louisiana to become the worldwide leader in physical production. That reign has included hosting Jurassic World, which just had the most successful weekend in the history of the box office.

While merely the word “cap” strikes fear into the hearts of some, there are many in the Louisiana film industry and abroad that are excited about new positive provisions in the law.

The Louisiana Film & Entertainment Association, which is comprised of film industry businesses, employees and other stakeholders, has promised to challenge parts of the law in court that are thought to be unconstitutional.

As I understand it, the law will not cap the amount of tax credits issued to filmmakers, but will affect how many tax credits can be redeemed in a given year, capping that amount at $180 million. That cap on credit redemptions will exist for three years, at which point it will sunset.

There is also a $30 million dollar cap per project, which will only impact the very largest studio projects in Louisiana, and a slew of other provisions, many of which are seen as enormous coups for the entertainment industry, including up to a 55% tax credit on indigenous productions and up to a 60% tax credit on music.

Developing…