Louisiana ups credits to 30%

Louisiana is upping the ante in the competitive production incentive market by raising its transferable production credit to 30%. New to the program is a state buyback of the credits at 85% of their face value -- in effect, "the state has created a floor of 85¢ on the dollar," said Micha Haley, deputy director of the New Orleans Office of Film & Video City, a strategic measure that will substantially increase the amount of the money that filmmakers get when selling the credits. Haley said that not only does the buyback program give Louisiana a huge boost over competing states, but that the entertainment industry has specifically asked for that component. Before July 1, Louisiana offered a 25% incentive with a local spend of $300,000 plus 10% for local labor; the new law keeps that same ratio: 30% for production with 5% for local labor. The production tax incentives were backed by Gov. Bobby Jindal, who signed the bill July 9 along with several others intended to boost everything from the entertainment industry to sound recording to digital media to hybrid cars.