New Orleans (WGNO) – The answer to that question is very complicated. Will there be an effect now that Governor Bobby Jindal signed the bill into law? Yes. But is it catastrophic 5? No.
For the first time the new law will place a cap on the film incentives which have allowed Louisiana to become the worldwide leader in physical production. Jurassic World had the most successful weekend in the history of the box office.
The Louisiana Film & Entertainment Association has promised to challenge parts of the law in court that are thought to be unconstitutional.
The law will affect how many tax credits can be redeemed in a given year which caps that amount at $180 million. That particular cap on the credit redemptions will exit for three years, at which point it will sunset.
Theres also still a $30 million cap per project that will only impact very large studio projects in Louisiana.
This is still a developing story. More to come soon!