This post originally appeared on the Nexus Louisiana Tech Park blog.
For entrepreneurs in the frenzy of managing a startup, it can be easy to overlook the resources right under their noses.
Stephanie Hartman, the director of Small Business Services for Louisiana Economic Development, and others at LED detailed what state programs may work best for people looking to build growing companies at a recent Nexus Louisiana Tech Park Academy.
“We cover the whole state, and we have a suite of services that are really designed to help support small businesses from pre-venture and early stage up to second-stage growth for businesses that are looking for new opportunities,” Hartman said.
The LED team focused on how the digital media tax credit, quality jobs rebate, guaranteed loans, and the angel investor tax credit programs can help early-stage entrepreneurs and small businesses. Explore these programs to jumpstart your business:
Attracting More Digital Media Companies to Louisiana
The Digital Interactive Media and Software Tax Credit helps innovative digital media and software development companies of all sizes gain a competitive edge. Here how the tax credit works:
Provides a 25% tax credit on qualified payroll for in-state labor and 18% for qualified production expenditures.
No cap and no minimum requirement.
The tax credit can be applied to state income tax liability, and the state will refund any overages OR applicants can opt for 85% of the value earned as a rebate any time during the year.
The tax credit is open to all companies producing digital interactive media products or platforms in Louisiana. However, certain exclusions apply, such as static internet websites or software primarily designed for internal use. In addition, only work physically performed in Louisiana and only direct development equipment purchased through Louisiana businesses qualifies for the credit.
“It is definitely one of the best in the nation when it comes to software development and video game development,” said Eric Burton, LED’s director of digital interactive media and software development, who runs the tax credit program.