Motion picture production companies wanting to qualify for Louisiana tax credits would first have to submit a certified audit of the planned expenditures to the state, under a bill approved Thursday by the state Senate.
The cost report analyzed by an independent certified public accountant would have to be submitted before a tax credit is issued. Under current law, the investor tax credit is issued without an audit, officials said.
Senate Bill 165’s sponsor, state Sen. Danny Martiny, R-Kenner, said the requirement was an attempt to regulate, not harm, a multibillion dollar industry. He said it would allow companies to know what the state expects for compliance.
“We do need a good measurement for every tax credit the state offers,” said state Sen. Francis Thompson, D-Delhi. “I think that’s what Sen. Martiny is attempting to do.”
SB165 was approved 37 to 1. It now moves to the Louisiana House for further discussion.