Louisiana lawmakers may end the state’s tax incentive program for film and television production, creating a headache for 50 Cent. The rapper-turned-TV mogul admits he’s worried about the coming months after opening G-Unit Studios in Shreveport.
50 Cent wrote on Instagram: “This doesn’t feel good but it could be great for Louisiana, be patient and let’s see how it plays out.”
Republican Gov. Jeff Landry seeks to change Louisiana’s tax laws if he wins gubernatorial election in 2023. of the bill. The bill now heads to the Senate.
Louisiana was the first state to adopt a tax incentive program for film production. Eliminating the tax credit could lead to the demise of so-called “Hollywood South.”
“The film industry has been a stronghold in Louisiana for the past 20 years,” Katie Pryor, executive director of the Baton Rouge Film Commission, told the Baton Rouge Business Report. “It creates jobs, income streams and incredible opportunities and attracts young people. I have to imagine a pro-business government would see the value in that.
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Jason Wagenspack, president of Louisiana Film Corporation, stressed the importance of preserving the tax credits.
“We bring $1 billion in sales to Louisiana every year,” he said. “More than $360 million of that is local Louisiana wages. If you look at the $180 million in tax credits, $360 million of that goes directly to Louisiana residents and over $600 million of sales goes directly to Louisiana residents. .
If the bill passes, the film incentives program will end in June 2025.
