Louisiana lawmakers could finish the state’s tax incentive program for movie and TV productions, inflicting complications for 50 Cent. The rapper-turned-TV mogul admitted he’s involved in regards to the future months after opening his G-Unit Studios in Shreveport.
“This doesn’t really feel good however it may very well be nice for Louisiana, persistence let’s see the way it performs out,” 50 Cent wrote on Instagram.
Republican Governor Jeff Landry sought to alter Louisiana’s tax codes after successful the gubernatorial election in 2023. The Louisiana Home of Representatives voted 87-12 in favor of a invoice that included the elimination of movie and TV tax credit. The invoice is now within the Senate’s fingers.
Louisiana was the primary state to undertake a tax incentive program for movie manufacturing. The elimination of the tax credit may result in the demise of what’s been known as “Hollywood South.”
“For the previous 20 years, the movie business has been a stronghold in Louisiana,” Baton Rouge Movie Fee government director Katie Pryor advised the Baton Rouge Enterprise Report. “It’s created jobs, income sources and unbelievable alternative, and it’s attracted younger folks. I’ve to think about a pro-business administration would see the worth in that.”
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Movie Louisiana president Jason Waggenspack burdened the significance of protecting the tax credit.
“We usher in $1 billion yearly in gross sales to the State of Louisiana,” he mentioned. “Over $360 million of that’s Louisiana’s native payroll. Should you take a look at it like this $180 million in tax credit score goes out, $360 million goes on to Louisiana residents and over $600 million in gross sales comes on to the State of Louisiana.”
If the invoice passes, the movie incentive program will finish in June 2025. 50 Cent and others with a stake in Louisiana’s movie business could go away the state if the tax credit not exist.
