Initial Certification (60-90 business days)
1.Complete and submit the application and fee in its entirety to Louisiana Entertainment. Projects under $50,000 are not subject to an application fee.
2. Once the application is complete, the project is evaluated for eligibility. For projects initially certified after February 1, 2011, applicants to the sound recording production program must provide detailed accounting and verification of expenditures relating to All-In Producer Deals. Please refer to the producer fee policy notice.
3. If Louisiana Entertainment determines that the project meets eligibility requirements of the statute and program rules, Louisiana Entertainment issues an Initial Certification for that project.
4. The applicant signs the Initial Certification letter and returns it to Louisiana Entertainment.
5. Effective January 1, 2016, a deposit shall be remitted to Louisiana Entertainment for the verification report fee. At the time of application, the applicant shall be required to submit a deposit of the expenditure verification report fee of $2,500 for a production or project with qualified expenditures projected to be between $5,000 and $50,000, and a deposit of $5,000 for those projected to be in excess of $50,000.
The applicant will be assessed the department's actual cost for the expenditure verification report fee. The maximum fee shall be $5,000 for verification of a cost report of production or project expenditures reflecting expenditures of between $5,000 and $50,000, and the maximum fee shall be $15,000 for verification of a cost report reflecting expenditures in excess of $50,000.
Final Certification (60-90 business days)
1. For projects completed prior to January 1, 2016, the applicant must submit a cost report to Louisiana Entertainment along with a CPA Certification form, both prepared by an independent Louisiana CPA. View cost report/audit guidelines.
2. For projects initially certified after June 30, 2015 or projects completed after January 1, 2016, the applicant must submit to Louisiana Entertainment a cost report prepared by an independent CPA engaged with LED to perform the cost report.
3. If the project's expenditures are $50,000 or more, the applicant must provide an audited cost report. Guidelines for the cost report are included in the Initial Certification letter. Effective January 1, 2016, LED shall engage with the CPA to perform the cost report.
4. Invoices and proof of payment for expenditures may be requested. NOTE: For projects initially certified after February 1, 2011, applicants to the sound recording investor tax credit program must provide detailed accounting and verification of expenditures relating to All-In Producer Deals.
5. Upon receiving the cost report/audit, Louisiana Entertainment reviews the report and may request additional supporting documentation.
6. After all supporting documentation is received and approved, Louisiana Entertainment issues a Final Certification letter, confirming the certified amount that was spent in state and the certified amount of the tax credit the applicant will receive as a rebate.
Issuance of Tax Credit (30-45 business days)
1. Upon Final Certification, Louisiana Entertainment submits the Final Certification letter to the Louisiana Department of Revenue (LDR) on behalf of the investor who earned the tax credit.
2. LDR may require the investor to submit additional information.
3. LDR issues tax credit to investor as a rebate.