- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Has the film industry completely left Louisiana since the cap?
Posted on 2/13/16 at 8:38 am to Golfer
Posted on 2/13/16 at 8:38 am to Golfer
quote:
Somewhat true. It's a transferable credit so the production company can sell the credits to a company or individual with a state tax burden.
I've always heard about this but never fully understood why they would sell the tax credits as opposed to using them for themselves??
1
Posted on 2/13/16 at 9:15 am to Sentrius
The general consensus from the few legislators I've spoken to agree with you.
Posted on 2/13/16 at 10:10 am to Sentrius
quote:
Hopefully. And good riddance. The film subsidies had no significant ROI whatsoever and were a money pit. It was a stupid idea then and it still is a stupid idea now. They need to be eliminated.
Yawn
In a time where the Oil Industry is leaving dodge people saying "good riddance" of more jobs isn't just stupid but insane.
Let's go ahead and close down all those studios in the Warehouse district that were once blighted properties that are now usable and thriving work spaces that employ thousands of local workers. Let's go ahead and send those jobs, and they're personal income tax base, to Georgia. Let's show the industry to be more than just movies but to also be tv shows and commercials. Let's also be honest in our evaluation of tax credits. When almost all of our neighboring states are courting industries like automobile manufacturing Louisiana has fallen behind and the jobs that pay income taxes are feeling the pain. The film industry has been an opportunity for the state to diversify. It should have been expanded to other industries so that a single workflow, oil, could not put the state into the serious bind it finds itself in. That wasn't done and now we have a governor threatening higher taxes and no college football, lol, on its people at the same time as its people are losing their jobs. This state NEEDS to diversify industry not close its doors.
The same people bitching about big companies going overseas leaving us underpaying jobs are the same ones against courting industry. Unbelievable but that's the new flawed mentality.
To be clear I'm not in the film industry.
Posted on 2/13/16 at 10:14 am to VetteGuy
quote:
the general consensus from the few legislators I've spoken to agree with you.
NEVER trust a legislator. NEVER. If a career politician tells you weave then walk straight. If they tell you to walk straight then by all means weave.
This post was edited on 2/13/16 at 10:19 am
Posted on 2/13/16 at 10:19 am to VetteGuy
quote:
My main complaint is that the nanosecond they are told they may have less credits, they issue smarmy statements and leave the state. (Disney)
Bingo. Over the last few budget sessions, when there were discussions and bills to reign in tax credits, the film industry people were BY FAR the biggest whiners. Their sense of entitlement is incredible.
Posted on 2/13/16 at 10:20 am to GreatLakesTiger24
quote:
a lot of the "Louisiana" companies that supply the industry are actually fronts for California folks.
Agree and have seen this in person. Yeah, the business looks fun and glamorous to the average citizen but I don't feel it's in the best interest of the state. A lot of shady practices with manipulating $$ that ultimately cost tax payers.
Posted on 2/13/16 at 10:22 am to Nativebullet
quote:
Yeah, the business looks fun and glamorous to the average citizen but I don't feel it's in the best interest of the state. A lot of shady practices with manipulating $$ that ultimately cost tax payers.
This right here.
Posted on 2/13/16 at 10:39 am to VetteGuy
quote:
The general consensus from the few legislators I've spoken to agree with you.
And that general attitude is why LA will always be ranked no higher than 48 out of 50.
Posted on 2/13/16 at 10:47 am to ELLSSUU
Agree.
Posted on 2/13/16 at 11:45 am to Supermoto Tiger
quote:The credits are sold because the companies that generate them can't use them. Say you spend $100 million on a production in Louisiana, and that generates $30 million of tax credits for you. You would have to owe $30 million of Louisiana income tax for the credits to have full value. Since Louisiana's maximum income tax rate is 6%, you would need over $450 million of Louisiana income to use the credits. None of the production companies generate anywhere near that much income within Louisiana. So they sell the credits, usually for about 85 cents on the dollar, to taxpayers who want to save 15 cents on every dollar of Louisiana tax they owe.
I've always heard about this but never fully understood why they would sell the tax credits as opposed to using them for themselves??
Posted on 2/13/16 at 11:57 am to ELLSSUU
quote:
In a time where the Oil Industry is leaving dodge people saying "good riddance" of more jobs isn't just stupid but insane.
Let's go ahead and close down all those studios in the Warehouse district that were once blighted properties that are now usable and thriving work spaces that employ thousands of local workers. Let's go ahead and send those jobs, and they're personal income tax base, to Georgia. Let's show the industry to be more than just movies but to also be tv shows and commercials. Let's also be honest in our evaluation of tax credits. When almost all of our neighboring states are courting industries like automobile manufacturing Louisiana has fallen behind and the jobs that pay income taxes are feeling the pain. The film industry has been an opportunity for the state to diversify. It should have been expanded to other industries so that a single workflow, oil, could not put the state into the serious bind it finds itself in. That wasn't done and now we have a governor threatening higher taxes and no college football, lol, on its people at the same time as its people are losing their jobs. This state NEEDS to diversify industry not close its doors.
The same people bitching about big companies going overseas leaving us underpaying jobs are the same ones against courting industry. Unbelievable but that's the new flawed mentality.
The short sighted mentality of those that say see ya to the Movie industry never fails to astonish me.
Posted on 2/13/16 at 12:08 pm to TigerGman
quote:
The same people bitching about big companies going overseas leaving us underpaying jobs are the same ones against courting industry. Unbelievable but that's the new flawed mentality.
The short sighted mentality of those that say see ya to the Movie industry never fails to astonish me.
Never, ever underestimate the power of stupidity.
Posted on 2/13/16 at 12:25 pm to OTIS2
Anybody that thinks the film industry welfare resembles anything the oil companies get is just too dense to understand.
The film industry is getting 30-35% of it's day to day expenses, including actor salaries, paid for by Louisiana tax payers. The state will even redeem the so called credit for cash if you can't sell them. Most often the recipients of the credits are out of state entities.
It has cost $1.2 billion thus far.
It is out and out corporate welfare and there is no mathematical way it benefits the state economy as much as it hurts it.
It is not debatable. Anyone that tries to make a case otherwise is simply trying to deceive you or is too naive to understand the program and basic math.
It not short sighted to call BS on greedy, perhaps corrupt, politically powerful special interest that seek to buy politicians to screw taxpayers.
The film industry is getting 30-35% of it's day to day expenses, including actor salaries, paid for by Louisiana tax payers. The state will even redeem the so called credit for cash if you can't sell them. Most often the recipients of the credits are out of state entities.
It has cost $1.2 billion thus far.
It is out and out corporate welfare and there is no mathematical way it benefits the state economy as much as it hurts it.
It is not debatable. Anyone that tries to make a case otherwise is simply trying to deceive you or is too naive to understand the program and basic math.
It not short sighted to call BS on greedy, perhaps corrupt, politically powerful special interest that seek to buy politicians to screw taxpayers.
Posted on 2/13/16 at 12:27 pm to I B Freeman
This guy gets it.
Posted on 2/13/16 at 12:31 pm to TigerGman
It is clear to me that people have no idea the sweetheart deal that the weak-sauce film industry gets.
Do you not think if it was a good deal legislators would want keep it?
I am a pretty fair businessman and I fail to see how it is a good deal for the state overall.
Do you not think if it was a good deal legislators would want keep it?
I am a pretty fair businessman and I fail to see how it is a good deal for the state overall.
Posted on 2/13/16 at 12:34 pm to I B Freeman
quote:
Anybody that thinks the film industry welfare resembles anything the oil companies get is just too dense to understand.
The film industry is getting 30-35% of it's day to day expenses, including actor salaries, paid for by Louisiana tax payers. The state will even redeem the so called credit for cash if you can't sell them. Most often the recipients of the credits are out of state entities.
It has cost $1.2 billion thus far.
It is out and out corporate welfare and there is no mathematical way it benefits the state economy as much as it hurts it.
It is not debatable. Anyone that tries to make a case otherwise is simply trying to deceive you or is too naive to understand the program and basic math.
It not short sighted to call BS on greedy, perhaps corrupt, politically powerful special interest that seek to buy politicians to screw taxpayers.
But, but only spending $180 million in tax dollars on the industry in order to generate $2 billion in revenues.
I'm a louisiana math genius and that equates to a $1.82 billion windfall for all us louisiana citizens. That why are state is doin so good.
Just one question. When I gettin my share. Check in da mail?
Posted on 2/13/16 at 12:39 pm to PygmalionEffect
When he replies, look a my prior post and be warned. Posted on 2/13/16 at 12:41 pm to VetteGuy
quote:
I am a pretty fair businessman and I fail to see how it is a good deal for the state overall.
Tell that to all the people employed in the industry.
Posted on 2/13/16 at 12:50 pm to TigerGman
I have no doubt they would disagree, since this is their job.
By that logic, should we support $100 per bbl oil prices?
By that logic, should we support $100 per bbl oil prices?
Posted on 2/13/16 at 12:53 pm to TigerGman
quote:
Tell that to all the people employed in the industry.
Big Union supporter I take it?
I'm sure we're all in agreement to continue paying state income taxes to provide you with artificial job security.
Particularly supporting jobs that pay a lot more than ours do.
This post was edited on 2/13/16 at 12:55 pm
Page 3 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News