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LA HB653
Bill
Status
6/20/2025
Primary Sponsor
Paula Davis
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AI Summary
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Transfers administration of the sound recording investor tax credit program from Louisiana Economic Development to the Office of Cultural Development within the Department of Culture, Recreation and Tourism
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Increases the project-based production tax credit rate from 18% to 25% of base investment, and lowers the minimum investment threshold from $25,000 to $10,000 (or from $10,000 to $5,000 for Louisiana residents with resident copyright projects)
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Raises Qualified Music Company payroll credit rates: Tier 1 increases from 10% to 15% for jobs paying $35,000-$66,000 annually; Tier 2 increases from 15% to 20% for jobs paying $66,000 or more annually
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Extends the program termination date from July 1, 2025 to July 1, 2030, with provisions applying to taxable periods beginning on or after January 1, 2025
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Maintains the annual aggregate cap of $2,160,000 in total credits certified, with 50% reserved for Qualified Music Companies and a maximum of $100,000 per project per calendar year
Legislative Description
Transfers the sound recording investor tax credit program from La. Economic Development to the Dept. of Culture, Recreation and Tourism and extends the duration of the program (EN DECREASE GF RV See Note)
TAX CREDITS
Last Action
Vetoed by the Governor.
6/20/2025