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A rendering sits on display during the question-and-answer portion of media conference held Thursday, April 18, 2024, at Government Plaza in Shreveport, La., to celebrate Curtis “50 Cent” Jackson’s company, G-Unit Studios, setting up shop in Shreveport. Facebook Twitter WhatsApp SMS Email Print Copy article link Save State Sen.
Sam Jenkins, D-Shreveport, did not want the state's Motion Picture Investor and Historic Tax Credits programs to go away . As a member of the Senate Revenue and Fiscal Committee, he told The Shreveport-Bossier City Advocate that he was in a good position to prepare and offer amendments he believed were needed. Some of those amendments were approved in the Tuesday revenue and fiscal committee meeting.
One retains the film credit with a lower yearly cap, dropping it from $180 million to $125 million. Any benefits not used in a given year would roll to the next year. The credit to rehab historic buildings was also retained with a cap lowered from the current $125 million to $85 million per year.
Jenkins says the new caps will not go into effect until July 1, 2025, the start of the state's new fiscal year. "These programs have a proven track record for creating jobs, attracting private investments and accountability by the recipients of the credits," he said, adding that he is hopeful the credits will continue as tools for Louisiana. The amendments also included a change to the movie and historic programs.
In Louisiana, those who are awarded these two types of credits can either use the credits to lower their state income tax or corporate franchise tax or sell the credits for cash to others who may need a tax break. The Senate Revenue and Fiscal Committee voted to take away the credits' refundability for cash. "For projects that apply on or after Jan.
1, 2025, motion picture tax credits may not be transferred to the Department of Revenue and shall be only utilized to offset income tax on a return," the amendment reads. "If the amount of the credit authorized exceeds the amount of tax liability for the tax year, the excess credit shall not be refundable and may only carried forward as a credit against subsequent Louisiana individual income tax liability for a period not to exceed ten years and shall not be refundable." Advocate capital reporter Tyler Bridges talked later Tuesday to the state senator who offered that change, Sen.
Jay Luneau, D-Alexandria. Luneau told Bridges he planned to withdraw it because it conflicted with other amendments that the committee approved Tuesday. The committee did not address how to offset the cost of the tax credits, which Gov.
Jeff Landry had deleted from the 2025 budget to save money to lower the state income tax to 3% and the corporate tax rate to 3.5%. Supporters have filled the hallways and committee rooms at the Louisiana Capitol to support the motion picture and historic credits.
Film Louisiana, a professional trade association created to "grow the entertainment industry in Louisiana," has stated the industry creates $1 billion in economic activity annually. A ribbon cutting ceremony was held Thursday, Aug. 8, 2024, in Shreveport, La.
to signal the start of the Humor & Harmony Weekend put on by Curtis “50 Cent” Jackson. A 2023 report by the Louisiana Legislative Auditor found the motion picture tax "appears to have a positive impact on the state's economy because it generates more household income than it costs the state, but the credit does not generate enough state tax revenue to make up for the revenue that the state loses." Though employees and municipalities may benefit, the state's coffers are not made whole.
Local officials hoping for more film activity in northwest Louisiana from work generated by 50 Cent's G-Unit Studios, Troubled Muse Studios, 3one8 Films and others, lobbied for the retention of both the film and historic tax credits. The Shreveport City Council passed resolutions to support both, and Councilwoman Tabatha Taylor spoke Sunday, before the Senate Revenue and Fiscal Affairs Committee. "We are in full support" of both tax credits she told a full room.
"What this has done for Shreveport is an economic enhancer." Taylor spoke about money made from 50 Cent's Humor & Harmony Festival and stated that 50 Cent's G-Unit Studios "has already led to the development of multiple projects in the city." Curtis “50 Cent” Jackson The video of Taylor's testimony was shared on 50 Cent's Instagram account.
In another post, he responded to a TMZ article about the film credits going away. "Wait a minute guys I said this could be good for the state of Louisiana. It feels bad for Shreveport at the moment, but we have to be patient.
I'm committed to the people of Shreveport, they held me down. There are things more important than money, you will find out when you get a bunch of it." The special legislative session ends on Monday at 6 p.
m..
