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re: Is the Film Industry in Louisiana actually good for Louisiana?
Posted on 6/16/15 at 3:40 pm to wildtigercat93
Posted on 6/16/15 at 3:40 pm to wildtigercat93
they needed to be reeled in, but doing it mid year is pretty bogus
same goes for the business inventory tax credit
same goes for the business inventory tax credit
This post was edited on 6/16/15 at 3:41 pm
1
Posted on 6/16/15 at 3:43 pm to wildtigercat93
quote:that is the petition floating on FB to veto what the state just voted on. So that everything goes back to how it was before. Apparently by the state cutting the tax credits it will hurt the movie industry here?
They recently cut it down by a lot, not sure if they did by enough
Posted on 6/16/15 at 3:43 pm to iAmBatman
Posted on 6/16/15 at 3:47 pm to BilJ
Jurassic World was partially filmed here. There are a number of small businesses that have been created to support the film industry in Louisiana. I have a friend who is a landscape architect. He earns lucrative contracts to add foliage on movie sets. Dude was making close to 180K.
I believe those same credits are used for the video game companies that opened offices in BR.
I believe those same credits are used for the video game companies that opened offices in BR.
Posted on 6/16/15 at 3:47 pm to Nughuffer
quote:
Poor Baton Rouge. Arguably one of the worst capitals in the US.
yeah it's terrible a city of 275,000 doesn't have a world class film industry.
Posted on 6/16/15 at 3:49 pm to Chad504boy
quote:
hard to gauge the value on people watching movies and knowing it was filmed in LA and how that relates to return tourism.
I guarantee it has no link to return tourism. The only thing that would have anything to do with tourism is a link to Nola or cajun lifestyle. There are good movies/shows around those topics but the key is to be able to make a film that the viewer has absolutely no clue where it is filmed.
More than anything, it is a pride factor of those around the state or city that say "i saw them filming that!" or "I saw so and so downtown who is here to film such and such".
I say this as a resident of one of the other huge film destinations in the south.
Posted on 6/16/15 at 3:50 pm to tduecen
Motion Picture Investor Tax Credit
Louisiana’s motion picture investor tax credit (film credit) provides a 30% transferable tax credit
on total in---state expenditures, including resident and non---resident labor, with no cap, subject to
a $300,000 minimum expenditure. The credits can offset personal or corporate tax liability, can
be sold or transferred to third parties, or can be sold back to the state for 85% of face value. For
productions using in---state labor, there is an additional 5% payroll tax credit. In the last year,
Louisiana awarded approximately $250 million in credits. There have been a number of formal and informal analyses of the motion picture investment credit, including those commissioned by the Louisiana Economic Development Agency. A fair reading of this literature suggests the following four points:
1) The credit has been successful in attracting production of films to Louisiana and
generating local economic activity.
2) The credit has cost the state considerable revenue, even after allowing for offsets due to
the generation of new economic activity. The most recent study from the Louisiana
Economic Development agency pegged the budgetary cost for 2012 at approximately
$170 million, while allowing for roughly a 33% offset from increased activity.
3) There is no natural ending point to the subsidization of the film industry. While there
has been some infrastructure development, most observers believe that the level of film
production we have witnessed in Louisiana is contingent upon the program continuing.
4) Although the program is structured as providing tax credits, it really has nothing to do with taxes and is effectively a subsidy program to the industry.
These four points can be summarized simply: the film tax credit should be viewed as an ongoing spending program that provides some benefits to the state. As such, we recommend that the firm tax credit should be treated by the Legislature on par with other spending programs. We also recommend that caps should be placed on the expenditures for the program, so that it is not an open---ended entitlement. We believe that current practice is
an irresponsible budgeting practice for the state. In setting a cap, the Legislature can determine how much activity it wants to subsidize and, if resources become limited, what types of activity it wishes to subsidize. Reconfiguring the film tax credit as an explicit expenditure program will require careful thought to structure a program that the state can afford and that meets the broader needs of its residents. This is an appropriate role for the Legislature.
Read this
LINK
Louisiana’s motion picture investor tax credit (film credit) provides a 30% transferable tax credit
on total in---state expenditures, including resident and non---resident labor, with no cap, subject to
a $300,000 minimum expenditure. The credits can offset personal or corporate tax liability, can
be sold or transferred to third parties, or can be sold back to the state for 85% of face value. For
productions using in---state labor, there is an additional 5% payroll tax credit. In the last year,
Louisiana awarded approximately $250 million in credits. There have been a number of formal and informal analyses of the motion picture investment credit, including those commissioned by the Louisiana Economic Development Agency. A fair reading of this literature suggests the following four points:
1) The credit has been successful in attracting production of films to Louisiana and
generating local economic activity.
2) The credit has cost the state considerable revenue, even after allowing for offsets due to
the generation of new economic activity. The most recent study from the Louisiana
Economic Development agency pegged the budgetary cost for 2012 at approximately
$170 million, while allowing for roughly a 33% offset from increased activity.
3) There is no natural ending point to the subsidization of the film industry. While there
has been some infrastructure development, most observers believe that the level of film
production we have witnessed in Louisiana is contingent upon the program continuing.
4) Although the program is structured as providing tax credits, it really has nothing to do with taxes and is effectively a subsidy program to the industry.
These four points can be summarized simply: the film tax credit should be viewed as an ongoing spending program that provides some benefits to the state. As such, we recommend that the firm tax credit should be treated by the Legislature on par with other spending programs. We also recommend that caps should be placed on the expenditures for the program, so that it is not an open---ended entitlement. We believe that current practice is
an irresponsible budgeting practice for the state. In setting a cap, the Legislature can determine how much activity it wants to subsidize and, if resources become limited, what types of activity it wishes to subsidize. Reconfiguring the film tax credit as an explicit expenditure program will require careful thought to structure a program that the state can afford and that meets the broader needs of its residents. This is an appropriate role for the Legislature.
Read this
LINK
Posted on 6/16/15 at 3:52 pm to flyAU
you can think whatever, bottom line it is increased exposure of our state/cities/culture to millions of viewers of these movies. To say that has little effect on people is a bit naive. Its near free publicity.
Posted on 6/16/15 at 3:54 pm to tduecen
Just my opinion, but I would say it provides for a small number of jobs and probably does a little for local businesses. That's beyond the palm greasing it does for those who brought it here.
I think MOST of the jobs, and the better paying ones, are occupied by poeple from out of state who came here with the companies and will leave with them. Yes, they spend money while here, but is it significant?
I think its one of those things where if 40 states are doing it, Louisiana wants to get in on the action. That being said, we could probably focus on a few other things like tourism and getting out better share from O&G than we do.
I think MOST of the jobs, and the better paying ones, are occupied by poeple from out of state who came here with the companies and will leave with them. Yes, they spend money while here, but is it significant?
I think its one of those things where if 40 states are doing it, Louisiana wants to get in on the action. That being said, we could probably focus on a few other things like tourism and getting out better share from O&G than we do.
Posted on 6/16/15 at 3:56 pm to tduecen
There was a study published earlier this year that states the film industry brings in $4 million in revenue to the state not only for productions. Even if that is wrong by 50% that is still a hell of a return.
The film tax credit only makes 2.6% of all of the incentive programs by LED.
LSU study earlier this year found that nearly 80% of Louisiana residents favored the film tax credits.
Not to mention the box office leader was primarily film in NOLA and several more
blockbusters coming out are going to be Louisiana filmed projects including past recent critically acclaimed movies.
And, Georgia who basically copied Louisiana's incentives program is slobbering at the idea of Louisiana cutting it.
In my opinion it is a good thing for Louisiana to keep the film industry here.
And full disclosure, I work in one of those jobs you think just comes and goes in the state.
The film tax credit only makes 2.6% of all of the incentive programs by LED.
LSU study earlier this year found that nearly 80% of Louisiana residents favored the film tax credits.
Not to mention the box office leader was primarily film in NOLA and several more
blockbusters coming out are going to be Louisiana filmed projects including past recent critically acclaimed movies.
And, Georgia who basically copied Louisiana's incentives program is slobbering at the idea of Louisiana cutting it.
In my opinion it is a good thing for Louisiana to keep the film industry here.
And full disclosure, I work in one of those jobs you think just comes and goes in the state.
This post was edited on 6/16/15 at 4:01 pm
Posted on 6/16/15 at 4:00 pm to Chad504boy
quote:
increased exposure of our state/cities/culture to millions of viewers of these movies.
I can guarantee that anyone who has never been to LSU's campus recognizes/knows/cares that parts of Pitch Perfect and Dukes of Hazard were filmed there.
Posted on 6/16/15 at 4:00 pm to burdman
The truth is.... it's not good and cost the tax payers serious $$$.
Posted on 6/16/15 at 4:01 pm to GWfool
quote:
Just my opinion, but I would say it provides for a small number of jobs and probably does a little for local businesses. That's beyond the palm greasing it does for those who brought it here.
I think MOST of the jobs, and the better paying ones, are occupied by poeple from out of state who came here with the companies and will leave with them. Yes, they spend money while here, but is it significant?
BINGO
Posted on 6/16/15 at 4:09 pm to flyAU
I disagree that there is no link to tourism for Louisiana. Prior to living here I gave no thought whatsoever to the state of Louisiana. It wasn't that I was sheltered (I had lived in 9 states before moving here), but from a Northerner's point of view Mississippi, Louisiana, Arkansas and most of the South are all a redneck no-man's land that's borderline uninhabitable. This is especially true after Katrina and the area's best city became a deserted wasteland (again, this is how it looked in Northern media).
Of course, New Orleans and Southern Louisiana in general are very unique cultural gems of the USA (with the emphasis on unique). And while some films, especially the BR filmed ones where BR just stands in as "any city USA" don't help tourism, I think the NOLA themed and even swamp themed ones do. If anything increasing the number of times the word "Louisiana" is said on National TV helps put the thought of visiting in peoples minds.
Of course, New Orleans and Southern Louisiana in general are very unique cultural gems of the USA (with the emphasis on unique). And while some films, especially the BR filmed ones where BR just stands in as "any city USA" don't help tourism, I think the NOLA themed and even swamp themed ones do. If anything increasing the number of times the word "Louisiana" is said on National TV helps put the thought of visiting in peoples minds.
Posted on 6/16/15 at 4:09 pm to Chad504boy
quote:
you can think whatever, bottom line it is increased exposure of our state/cities/culture to millions of viewers of these movies. To say that has little effect on people is a bit naive. Its near free publicity.
I think its naive to think that moviegoers flocked to Lousiana after seeing Breaking dawn part 2.
Posted on 6/16/15 at 4:11 pm to ragincajun03
quote:
Unlike the tax breaks for oil & gas and most manufacturing businesses, these breaks/credits are mostly losers and turn into subsidies.
When it's all said and done, for both the film industry "credits" and solar industry "credits", those companies are getting more money from the state taxpayers than they themselves actually pay in taxes.
A LOT more.
The subsidy (dishonestly called a "credit") is catastrophic financially for the state. It's not even close.
Posted on 6/16/15 at 4:13 pm to tduecen
Putting people to work is always a bad thing...
Posted on 6/16/15 at 4:13 pm to Chad504boy
quote:
Its near free publicity.
It's not "near free". It has cost probably over a billion dollars...from a treasury that is in deficit.
It's a disastrous handout.
Posted on 6/16/15 at 4:13 pm to tduecen
iAmBatman said it right. Go post this on the poliboard and you'll see IB Freeman go nuts.
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