§ I-1631. Purpose and Description of Louisiana Sound Recording Investor Tax Credit Program
A. The purpose of this program is to encourage development in Louisiana of a strong capital and infrastructure base for sound recording productions in order to achieve an independent, self-supporting sound recording industry, and to encourage investments in multiple state-certified sound recording production projects and infrastructure.
B. Approvals and certifications as to whether a project qualifies as a state-certified production as required for Sound Recording Investor Tax Credits are not to be considered as entitlements for sound recording production companies, and the Louisiana Department of Economic Development shall have the discretion to determine whether or not each particular sound recording or infrastructure project, meets the criteria for such qualification as provided herein.
C. These rules implement the Louisiana Sound Recording Investor Tax Credit pursuant to R.S. 47:6023. This credit was created by Act 485 (H.B. 631), Laws 2005 and amended by Act 368 (S.B. 70), Laws 2007 of Reg. Sess., effective July 1, 2007.
D. These provisions are in addition to and shall not limit the authority of the Secretary of the Department of Revenue to assess or to collect under any other provision of law.(Promulgated by the Department of Economic Development, Office of Business Development, and the Department of Revenue, LR 34:1347 (July 2008), amended by the Department of Economic Development, Office of Business Development, Office of Entertainment Industry Development, LR 36:304 (February 2010).)
AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6023.
Disclaimer: At Lawrina, we make every effort to update our content to match the latest officially adopted text. However, we cannot guarantee this page contains the most up-to-date information as amendments to the official sources may have been made. Please refer to the official sources for Section I-1631 Purpose and Description of Louisiana Sound Recording Investor Tax Credit Program for the most accurate material.