Louisiana spent more than $1 billion on tax breaks for people and corporations during the budget cycle that ended in July.The way to know the difference is the official damn lies are the ones that tell us giving away billions of dollars to
An annual audit of the state's tax revenue loss, released this week, also found that the return on investment for the 78 rebates and other perks evaluated isn't always known.
"There are no specifications in the statutes regarding the method of calculation to be used in determining the (return) related to each incentive," the Louisiana Legislative Auditor's Office wrote in an executive summary of their findings. "With no guidelines or restrictions, the accuracy of the (return on investment) calculation and the appropriateness of the methodology used cannot readily be determined."
One of the largest in the budget cycle covered was about $205 million in revenue lost to the Motion Picture Investor Tax Credit. That program, which subsidizes movie-makers who film in Louisiana, is estimated as having a return of 22 cents for every dollar spent.
Officials have recently touted changes made to the film tax credit program in 2016 as offering more stability that has stimulated the film industry here, after a brief decline. Gov. John Bel Edwards' administration plans to release an "economic impact" report in the spring.