Louisiana legislative auditor says tax credits cost state billio - WTVM.com-Columbus, GA News Weather & Sports

Louisiana legislative auditor says tax credits cost state billions

Movie productions like this one earned Louisiana the nickname, "Hollywood South." Movie productions like this one earned Louisiana the nickname, "Hollywood South."
BATON ROUGE, LA (WAFB) -

Louisiana's tax credit program made it Hollywood South, but the high cost to state coffers is putting it and other tax breaks in the public eye.

From the film production tax credits to credits for sugarcane transport, the state's 88 tax credit programs cost $5.4 billion in uncollected revenue over the last five years, according to a new report by the state legislative auditor.

"This is serious money and I think it's important for all of us in our legislature to understand that we do have these credits and we do have these rebates out there," Daryl Purpura, Louisiana legislative auditor.

Other economic leaders say the auditor's report only tells half the story. They argue it doesn't show how much money is pushed into local economies.

The legislative auditor said it's tough to track the program's return on investment.

Copyright 2013 WAFB. All rights reserved.

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