Louisiana Game Tax Credit Bill Passes Senate
The Louisiana Senate Bill 341, an initiative to grant tax credits to companies setting up shop in Louisiana to produce video games and related interactive entertainment, ...
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The Louisiana Senate Bill 341, an initiative to grant tax credits to companies setting up shop in Louisiana to produce video games and related interactive entertainment, has passed the Senate, according to online reports. The vote was 33-0 in favor of the bill, which means its passage to the House Ways and Means Committee is now clear. The bill offers a tax credit of 10 percent of state income tax for companies who invest anywhere from $300,000 to $8 million in a Louisiana-based operation. Investments of over $8 million will earn a 15 percent credit. Any credits can be traded or transferred, but a failure to remain in business in the state for one year after credits are granted would result in penalties such as a loss of the credit. We previously covered the State's interest in passing this bill, after movies including The Dukes Of Hazzard, Ray, and All The King's Men used Louisiana for filming following the passing of a similar movie-related measure in 2004. Interested parties also set up the Louisiana Game Developers Association as a non-profit group devoted to attracting game development talent to the state, an effort which will likely redouble now that the bill is in progress. Currently, there's no indication of how many companies plan to take advantage of the credit, and so its effect on Louisiana's income tax revenue is unknown. Despite this, bill sponsor Senator Ann Duplessis said that it would "encourage development of a stable, rapidly growing cross-discipline industry."
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