Wednesday, June 13, 2007

Bill would cut movie studio tax credit

BATON ROUGE (AP) - Building a movie studio in Louisiana is about to get far less lucrative for projects not already under way, if a bill before the Legislature becomes law.

A House bill awaiting a vote on the House floor as soon as today, would keep a 40 percent tax credit in place for movie studio construction.

But future projects would be capped at $25 million in total tax credits.

Existing projects would be grandfathered, but they would have to qualify for an unlimited 40 percent tax credit only through the end of this year and 25 percent thereafter.

The changes were proposed by the state's Department of Economic Development after concerns were raised by the Division of Administration.

The state's financial officers found a potential $1.5 billion loss in tax revenue if the uncapped 40 percent tax credit stayed in place.

No significant changes are aimed at movie production tax credits, which are now 25 percent and are scheduled to drop to 20 percent in 2010 and 15 percent in 2012.

The bill is being considered by the Legislature as LIFT Incorporated – which obtained 2006 tax credit approval on a $185 million studio in New Orleans – saw its offices raided early this month by the FBI.

That investigation followed a whistleblower lawsuit alleging a former state film official, Mark Smith, granted LIFT favorable treatment in exchange for kickbacks.


Anonymous said...

Was wondering if you know of a new movie production in Shreveport named Marshall?

Alexandyr Kent said...

Nope. But the story of "The Great Debaters" is set in Marshall, Texas. It tells the story of a 1930s debate team from Wiley College.

Seo Link Master said...

You need us if you have any of these tax problems: Back
, Unfiled Returns, Missing Records, Threat of Levy, or, if you need an Installment Agreement or an Offer in Compromise A tax levy or (Wage levy)garnishment or attachment are all the
same thing. The terms may be used interchangeably. A wage garnishment or levy may be against any asset. In the enforcement of tax collections. We prepare all Federal and State Unfiled tax Returns The Fair Tax Act (HR
25/S 1025) is a bill in the United States Congress for changing Tax Solutions laws to replace the Internal Revenue Service (IRS) and all federal income taxes (including Alternative Minimum Tax),Past due tax returns, Past due tax returns, Past due returns, Past due taxes, Unpaid tax, Tax negotiation, Robert M. Adams, Bob Adams, layouts myspace, myspace glitters, myspace comments