BATON ROUGE, LA (WAFB) - Although recent news about drops in business due to caps placed on the film industry have prompted fears about problems for Hollywood South, Governor Edwards is working to sooth some concerns.
"Negative stories in the press and Louisiana's competitors in the U.S. and abroad would have you believe that Louisiana's film industry is dead," said Patrick Mulhearn, Executive Director of Celtic Studios. "Reports of the film industry's death here are greatly exaggerated."
But business has been lagging, a cause many attribute to the way in which some recent caps on the tax credits have been implemented.
"Today, and going forward, we're focusing on what we can do to provide greater fiscal stability to state government, while creating a sustainable path for the long-term future," said Gov. Edwards. "Louisiana's film industry has my full support."
Gov. Edwards says the Louisiana Economic Development will conduct a comprehensive review of the state's Motion Picture Production Tax Credit Program. It will include recommendations for reform and best practices. Those recommendations will be addressed next year during legislative session.
"I have full confidence in LED Secretary Don Pierson and his team, knowing they will include input from all stakeholders," Gov. Edwards said. "I know they will deliver a strategy that accomplishes our goal of industry vitality and fiscal stability.
"We remain open for business with one of the most attractive incentive programs in the world," Gov. Edwards added.
The film industry in Louisiana has seen continued growth since the inception of the tax credits in 2002. Since then Louisiana has hosted to more than $6 billion in film and TV production.
"On behalf of Celtic Studios, we thank Governor Edwards for letting the world know that not only will the state honor its prior obligations, but for making it abundantly clear that Louisiana is in it for the long haul," added Mulhern.