Television Production Companies

La. lawmakers revisit film tax credit program

The Times Editorial Board recently sent local lawmakers a questionnaire. Below are excerpts of their answers to the following questions: "Should existing tax breaks for film, digital media and research be extended, as proposed by the governor?" "Should tax breaks be expanded, such as those offered to film makers, to keep pace with other states?"
State Sen. Robert Adley is sponsoring a bill to increase the state's production incentive from 25 percent to 30 percent. Gov. Bobby Jindal has said he will support legislation to keep the tax credit at 25 percent through 2012.
n "I support the governor's position." "” Sen. B. L. "Buddy" Shaw, R-Shreveport.
n "I support the tax breaks Louisiana has provided to encourage the film and digital media industry to create jobs and opportunities here in our state. However, the Legislature may need to look at an increase over and above Gov. Jindal's proposal in order for Louisiana to remain competitive with other states whose incentives are more attractive economically." "” Rep. Thomas Carmody, R-Shreveport.
n "Yes, less emphasis on infrastructure and more on production. Making films creates economic impact "” not warehouses." "” Rep. Henry Burns, R-Haughton.
n "Yes, however, film credits need to increase to 30 percent. Remove the infrastructure credits." "” Rep. Patrick Williams, D-Shreveport.
n "Eliminating a proposed phase-out of the Digital Interactive Media Production Tax Credit, which is aimed at attracting video game development, animation and special effects projects, could draw other companies to the state. "» We should keep our state incentives to attract high paying, high tech jobs." "” Rep. Barbara Norton, D-Shreveport.
n "Increasing Louisiana's tax credit to 30 percent is a temporary fix before another state tops that. The result will be like the dog chasing his tail. Each state will raise its credits until the tax credits exceed the return and all will be in vain. In addition to tax credits, Louisiana must provide improved infrastructure, such as airports, and specialized training. As it did in 2002, Louisiana must think outside of the box." "” Sen. Robert Adley, R-Benton.
n "I favor a 30 percent tax for film production and a decrease of the 10 percent on infrastructure credits." "” Rep. Jane Smith, R-Bossier City.
n I do not think tax breaks or the expansion of tax breaks alone creates a sustainable and viable industry. Many states have followed the lead of Louisiana and have enacted tax breaks of their own that are as competitive if not more so than Louisiana. To truly bolster this industry and ensure that it remains a solid investment for the state of Louisiana, serious focus should also be placed on creating a strong work force to complement this industry." "” Rep. Wayne Waddell, R-Shreveport.

Endemol CEO quits over strategic differences as debt deadline ...

Chief executive for the past three years, Ynon Kreiz is leaving at a crucial time for the production company, which is trying to renegotiate its debt structure ahead of a covenant breach expected later this week.

The broadcaster, known for global TV hits including ‘Big Brother’, ‘Deal or No Deal’ and ‘Wipeout’ will struggle to meet its banking covenants this year on loans which were put in place in 2008 to back the company’s 2.639 billion euro leveraged buyout.

“Kreiz has stepped down principally because there was a difference of opinion regarding the future direction of the company, specifically how best to implement the agreed company strategy and where to focus efforts and resources going forward,” Charles Armistead, a communications consultant for Endemol, said in an email on Sunday.

The Endemol board of directors has appointed the company’s president Marco Bassetti and chief financial officer Just Spee as temporary replacements for Kreiz, and Charles Allen, a non-executive director, has been appointed to coordinate key actions and decisions with the Board.

The broadcaster is owned by Italian Prime Minister Silvio Berlusconi’s Mediaset , Goldman Sach’s Capital Partners and Endemol’s founder John de Mol’s investment vehicle Cyrte.

(Reporting by Roberta B. Cowan; editing by Sophie Walker)

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