Louisiana’s Film Industry Continues to Grown in 2010
Economic concerns make Louisiana more attractive than ever for film and television production
While there are not many upsides to the current economic situation, one unexpected benefit to the people of Louisiana has been an increase in the number of films produced in Louisiana during the past few years. There are several reasons for this increase, including issues in other popular locations that have given Louisiana a distinct advantage when it comes to the entertainment industry.
Bankruptcy in New Mexico
One of the leading studios in New Mexico, Albuquerque Studios, filed for Chapter 11 bankruptcy at the end of July 2010. Among those owed money by the studio are over thirty New Mexico businesses as well as Hollywood companies, including DreamWorks SKG. Although the studio has been able to keep up with their production schedule thus far since filing for bankruptcy, they are in an uncertain financial position that may deter future production from taking place there.
Tax Credit Uncertainty in New York
One of the reasons why many productions take place in New York is that both the state and the city of New York offer favorable tax credits that make it a little less expensive to shoot in such a large city. However, the state government has been struggling to create an acceptable budget for the upcoming year, as tax revenues decrease and demand for services increases in light of the current financial situation.
Without an official budget, there is no way to guarantee that the tax credits that formerly existed will be available for the upcoming year. Additionally, the tax credit offered separately by New York City was part of a program that expired last year and has yet to be renewed. Without these tax credits, filming movies and television shows in New York becomes dramatically more expensive, leading producers to look for other places to shoot their work.
There has never been a better time to film in Louisiana
With financial uncertainty in New Mexico and New York, the outlook for film production in Louisiana, a location with skilled crews and some of the most favorable tax credits in the country, remains strong. The industry itself has grown, despite the recession, and Louisiana has a variety of landscape, architecture, climate and terrain which make it viable to film movies that are supposed to take place anywhere from modern-day Utah to Paris in the nineteen century. As of July of this year, 24 films had been shot in the city of New Orleans alone, making this a record-breaking year for the Louisiana film industry.