BATON ROUGE, La. (BRPROUD) — In the special tax reform session, Louisiana lawmakers are considering doing away with a number of tax credits to give a tax break to corporations. Lawmakers are facing opposition on part of the tax reform plan, HB2, that would do away with tax credits for film production and preserving historical buildings – among other industries. The film industry has had to bring the fight to the capitol multiple times in recent years to convince legislators to keep the film tax credit by showing how many jobs and tourism dollars it brings to the state. “So there's a $180 million tax credit in the state of Louisiana on an annual basis. Our industry brings in almost a billion dollars of annual sales, $360 million of that goes directly to Louisiana residents here in the state of Louisiana,” said Jason Waggenspack, president of Film Louisiana. People involved in rehabilitating historic buildings said losing the tax credit, which the state reportedly spends $120 million on, would halt many projects in cities of all sizes. There has been discussion in committee about a new grant system being created in place of the credits. Nothing has been put into legislation for a replacement yet. Louisiana lawmakers advance bill to cut individual income taxes Doing away with the credits is how the state would offset revenue lost by reducing the corporate income tax from the current tiered system to a flat 5.5%  tax that will eventually be lowered to a 3.5% tax. “We have the highest rate in the Southeast at 7.5%,  and our neighboring states around us are decreasing more and more. We are losing our competitiveness,” said state Rep. Julie Emerson, R-Carencro. This bill would also make the inventory tax optional for parishes, and the state would offer an incentive of millions of dollars for three years. Some parishes would take a major financial hit without it, and it could create competition between parishes for industry to start there. The bill is expected to be voted on in committee on Sunday. It will still need approval from the full House and Senate. Latest News Meta to launch new facial recognition tech to recover locked accounts, avoid scams 'I'm a man of peace now!' John Hinckley Jr. responds to calls for Trump assassination What is the 'super' 401(k) catch-up contribution for older workers? How to watch NASCAR Xfinity Series championship race Applebee's, IHOP to open first combo restaurant in US