BATON ROUGE — Today, Governor John Bel Edwards announced Louisiana Economic Development (LED) will execute a comprehensive review of the state’s Motion Picture Production Tax Credit program, with recommendations for reform and best practices to be addressed in the 2017 fiscal session.
The goal will be a sustainable Louisiana film and TV production industry that provides fiscal predictability for the state. LED’s analysis will include an independent examination of the program’s economic impact in Louisiana as well as input from all stakeholders, including the film industry.
“Louisiana has a storied history in filmmaking, with one of the world’s most diverse settings for cinematic and television productions,” Gov. Edwards said. “Since the dawn of Louisiana’s modern-era film program in 2002, we have played host to more than $6 billion in film and TV production. We’ve developed an infrastructure that supports thousands of jobs, boosts small businesses and communities statewide, and provides a powerful impact that we seek to retain.
“Today, and going forward, we’re focusing on what we can do to provide greater fiscal stability to state government, while creating a sustainable path for the long-term future.
“I have full confidence in LED Secretary Don Pierson and his team, knowing they will include input from all stakeholders. I know they will deliver a strategy that accomplishes our goal of industry vitality and fiscal stability. Louisiana’s film industry has my full support. We remain open for business with one of the most attractive incentive programs in the world. We will honor our commitments. Louisiana will drive this process to create a smarter, sustainable model for the future. We will establish a modern, effective program that encourages companies to establish roots in our state.”
Secretary Pierson noted Louisiana’s emergence as a film industry innovator 14 years ago established the state’s credentials as an entertainment industry leader, setting the stage for advances in digital interactive media, sound recording and live performance production in addition to film and TV production.
“Louisiana’s accomplishments in the film and television production industry have been significant,” Pierson said. “There is great merit and durable value in retaining and growing this industry. Our program produces a tremendous return for small businesses and promotes Louisiana as a place of importance to a global market. We will leverage that value as we establish a new era for the Louisiana Entertainment brand. Today’s film industry must be nimble, with more voices, more platforms and more disruptive technologies than ever before. By evolving our partnership with the film and television industry and focusing our efforts on successful companies that are willing to commit to Louisiana, we will be poised to secure technically skilled jobs and share success with hundreds of small businesses in our state.”