Photo: Erika Goldring/WireImage.com
Louisiana: Governor signs music tax credits into law
Photo: Louisiana Governor John Bel Edwards (seated), Recording Academy Board members Sean Ardoin, Tim Kappel and Jay Weigel, Rep. Walt Leger, Kim Dodd, Recording Academy Sr. Membership & Project Manager Reid Wick, and Recording Academy Trustee Ken Shepherd
On July 17 The Recording Academy celebrated the signing of the Louisiana Music Industry Investment Act (H.B. 646), which will go into effect on Aug. 1. This legislation will boost Louisiana's music and sound recording industry through a series of tax credits that encourage music businesses to hire professionals that can offer an entire set of services to support Louisiana's music community.
This bill expands Louisiana's current program to include new job tax credits that can be applied to state income tax to reduce an employer's income tax liability. Additionally, the bill seeks to amend the current sound recording investor tax credit program by restructuring application fees that have been previously prohibitive for smaller recording projects.
The Recording Academy worked closely with Louisiana Economic Development to craft the legislation and champion other organizations to support and promote the legislation, including the American Federation of Musicians, Local 174-496 and the Music and Culture Coalition of New Orleans.
This bill was sponsored by Rep. Walt Leger (D-La.), with co-sponsors Reps. Malinda White (D-La.) and Cedric Glover (D-La.). The bill was signed into law by Louisiana Gov. John Bel Edwards.
"HB 646['s modification of] the State Sound Recording tax credit ... refocus[es] our efforts on business and job creation that will allow us to leverage Louisiana talent into a more robust and fully integrated industry that serves not only the musicians and the industry, but all Louisiana citizens through a more diverse economy," said Leger.