A novel rhodium-catalyzed tandem C-H annulation of commercially available benzaldehydes and aminobenzoic acids with 2 equiv of alkyne is reported for the construction of isocoumarin-conjugated isoquinolinium salts that demonstrate diverse outstanding photoactivity. Depending on the substituents in the isoquinolinium moiety, they display either highly efficient fluorescence (up to 99% of quantum yield) or strong fluorescence quenching, which is provided by the transfer of the HOMO from the isoquinolinium to the isocoumarin moiety. Importantly, the functional groups in the benzaldehyde coupling partner also strongly affect the reaction selectivity, shifting the pathway to the formation of the photoinactive isocoumarin-substituted indenone imines and indenyl amines. Selective formation of the latter can be achieved by using a reduced amount of the oxidizing additive.