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The state looks set to eliminate a tax credit incentive linked to film and TV production where there is a 40 percent discount on in-state expenditure.
The House of Representatives voted on Wednesday (November 13) for the tax credit program to end in June 2025 as the state overhauls its tax system.
The bill is now set to move to the Senate but a vote has not yet been scheduled.
The tax credits afforded to film and TV productions in Louisiana was one of the reasons 50 Cent chose to move his base to Shreveport.
The media mogul reacted to the news on Instagram, writing: “This doesn’t feel good but it could be great for Louisiana, patience let’s see how it plays out.”
He later added after it became more certain that film tax credits will be eliminated: “I know people in Shreveport are sick right now, stay positive everything happens for a reason. I want to thank you for supporting me with Humor Harmony having zero violent crimes for 16 days, believe it or not that made that event one of my biggest accomplishments.”
As well as film and TV, 50 Cent was planning to invest in housing in Shreveport.
According to local NBC affiliate KTAL, 50 and his team have a “three-phase” initiative that will see the rapper invest directly into the people and the community.
He has already kicked off the first part of the process, which will see him revitalize a number of properties in downtown Shreveport.
Gerod Durden, the real estate broker helping G-Unit execute this revitalization process, told the news outlet that 50 Cent plans on buying and renovating about two dozen commercial properties.
“He is very passionate about the city,” Durden said. “I would say 10 or more properties that we’ve already closed a few of this week. It’ll be an additional 10 or so. These are all-cash offers. You know, there, there’s quite a few entertainment spots for not only adults and kids.”
He added: “He’s bringing a big jump park here. I mean, it’s a substantial size park. We’re looking at a grocery store in the immediate downtown Shreveport area, and those are ideas that we come up with together with the whole team. What can help the community?”
50 originally took out a 30-year lease on his production facility. It is not known how the tax credit ruling will affect his plans in the city.
