50 Cent is feeling a sense of relief after Louisiana chose to preserve tax credits for film and TV productions in the state.
At first, it appeared like Bayou State would do away with the financial incentive for TV and movie productions, which offers a 40 percent reduction in costs.
Though the threshold has been lowered from $150 million to $125 million, the Louisiana Senate Committee has now voted to keep the tax benefit.
50 Cent praised the state’s decision to maintain the tax credit program while he is building his G-Unit Film & TV Studios in Shreveport.
He posted on Instagram: “My ass was sweating like crazy! We’re back in action watch, right? [emoji of a film camera] GLG GreenLightGang, I’m coming with some fire.
50 indicated that the House of Representatives’ decision to end the tax credit earlier last month will have a big impact on his investment in the region, which has recently developed into a major hub for movie production.
“This doesn’t feel good but it could be great for Louisiana, patience let’s see how it plays out,” the media mogul wrote on Instagram in response to the original announcement.
“I know people in Shreveport are sick right now, stay positive everything happens for a reason,” he wrote later, once it seemed more apparent that the film tax credits would be removed. I would want to express my gratitude to you for helping me achieve Humor Harmony, which, surprisingly, resulted in 16 days without any violent crimes. That event was one of my greatest successes.
50 Cent intends to make significant investments in Shreveport real estate in addition to movies and television.
Local NBC station KTAL reports that 50 and his group have a “three-phase” plan in which the rapper will make direct investments in the community and its residents.
He has already begun the first phase of the project, which will involve him revitalizing many downtown Shreveport properties.
The news site was informed by Gerod Durden, the real estate broker assisting G-Unit in carrying out this regeneration process, that 50 Cent intends to purchase and renovate roughly two dozen commercial properties.
“He has a strong enthusiasm for the city,” Durden remarked. There are probably ten or more properties that we have already closed this week. There will be about ten more. These offers are entirely in cash. There are plenty of entertainment options there for both adults and children, you know.
“He’s bringing a big jump park here,” he continued. It’s a very big park, after all. The team as a whole comes up with the concepts for the grocery shop we’re considering in the immediate downtown Shreveport region. What can benefit the community?
