Film tax reform approaches two years
The New Orleans-shot comedy/horror slasher flick Happy Death Day to U2 clears $27 million in worldwide box office receipts as Louisiana film tax credit advocates celebrate nearly two years since the program was reformed. Louisiana Entertainment’s Chris Stelly says the credit is proving it’s long-term viability.
“The reforms that we made in 2017 certainly created a lot of stability, not only for the industry, but for the state as well.”
The changes put a 180 million dollar cap on total yearly credits and required productions to justify their credited expenses.
The legislative session is now on the horizon, and every year there are calls for the credit to be revoked and the 180 million to be deposited back into the general fund. Stelly hopes the legislature maintains the program, which he says supports thousands of jobs that pay 60-65 thousand on average…
“65,000 is well above the median income here in Louisiana, so yea, these jobs certainly are creating absolutely very livable wages for our residents.”
Lt. Governor Billy Nungesser has also credited the program with raising the state’s profile, increasing tourism numbers.
The bulk of those production jobs are clustered in New Orleans, but Stelly says the credit has incentivized new studios to pop up statewide, joining established enterprises already at work in the Crescent City.
“Deep South Studios, a new facility out in New Orleans East called Spellblade, in St. Bernard Parish the Ranch, Secondline Stages, you’ve got Celtic here in Baton Rouge, and a couple of studios up in Shreveport.”
Happy Death Day to U2 had a budget of $9 million.