50 Cent is breathing a sigh of relief after Louisiana decided to keep tax credits for film and TV productions in the state.
It originally looked like the Bayou State was going to eliminate the financial incentive for film and TV productions, where there is a 40 percent reduction on expenditure.
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However, the Louisiana Senate Committee has now voted to retain the tax incentive, albeit lowering the cap from $150 million to $125 million.
50 Cent, who is developing his G-Unit Film & TV Studios in Shreveport, celebrated the state’s decision to keep the tax credit program.
He wrote on Instagram: “Man they had my ass sweating! WTF, we back in action watch. GLG GreenLightGang [film camera emoji] I’m coming with some heat.”
When the House of Representatives voted to terminate the tax credit earlier this month, 50 suggested that it would significantly affect his investment in the area, which has become a hotbed for film production in recent years.
The media mogul reacted to the initial news on Instagram, writing: “This doesn’t feel good but it could be great for Louisiana, patience let’s see how it plays out.”
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He later added after it appeared more certain that film tax credits would 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 is planning to invest heavily 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.
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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.”
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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?”
