Louisiana lawmakers may end the state’s tax incentive program for film and TV productions, causing headaches for 50 Cent. The rapper-turned-TV mogul admitted he’s concerned about the future months after opening his G-Unit Studios in Shreveport.
“This doesn’t feel good but it could be great for Louisiana, patience let’s see how it plays out,” 50 Cent wrote on Instagram.
Republican Governor Jeff Landry sought to change Louisiana’s tax codes after winning the gubernatorial election in 2023. The Louisiana House of Representatives voted 87-12 in favor of a bill that included the elimination of film and TV tax credits. The bill is now in the Senate’s hands.
Louisiana was the first state to adopt a tax incentive program for film production. The elimination of the tax credits could lead to the demise of what’s been referred to as “Hollywood South.”
“For the past 20 years, the film industry has been a stronghold in Louisiana,” Baton Rouge Film Commission executive director Katie Pryor told the Baton Rouge Business Report. “It’s created jobs, revenue sources and incredible opportunity, and it’s attracted young people. I have to imagine a pro-business administration would see the value in that.”
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Film Louisiana president Jason Waggenspack stressed the importance of keeping the tax credits.
“We bring in $1 billion annually in sales to the State of Louisiana,” he said. “Over $360 million of that is Louisiana’s local payroll. If you look at it like this $180 million in tax credit goes out, $360 million goes directly to Louisiana residents and over $600 million in sales comes directly to the State of Louisiana.”
If the bill passes, the film incentive program will end in June 2025. 50 Cent and others with a stake in Louisiana’s film industry may leave the state if the tax credits no longer exist.
Article source: https://allhiphop.com/news/50-cent-g-unit-studios-facing-uncertainty-due-to-louisiana-lawmakers/
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