The end of Hollywood South?
Shreveport/Bossier City, La (KMSS) — Shreveport and Bossier City's own "Olympus Has Fallen" opened this weekend, raking in over $30 million dollars. That means the film made back almost 40% of its $80 million dollar budget. Even better than that, is the fact that the $80 million dollar film was filmed in the area.
However, if a proposed plan from Governor Jindal is put into action, local film experts think "Olympus Has Fallen" will be the last big blockbuster filmed in the area. Jindal's plan would change tax incentives for the film industry, limiting the amount production companies claim for the tax credits. As proposed, no person would be able to make over $1 million for a production company to claim the expense when applying for tax credits through the program. Currently, companies are able to save about 30% off the total budget of a film by utilizing Louisiana's tax credits, which is a major reason so many companies come to this area to film.
It isn't just the tax money that helps out the economy. Economist say that for every dollar spent on a Louisiana film production, there is a seven dollar impact. That's because while the filming is happening, hotel rooms are full, caterers are booked, employees are buying gas and local people are hired to work on the film as cast and crew. Almost every part of the local economy is touched when a movie comes to town.
During "Olympus Has Fallen" Millennium Studios and it's post-production partner, Worldwide Fx, had a staff of close to 300. Their operations manager think that if Jindal's plan goes through, the company would be forced to pack up and move to a place that does offer tax credits, taking those 300 jobs with them.