State board awards tax breaks, costing Lafayette millions
LAFAYETTE - A state board exempted some Lafayette Parish businesses from paying millions in local taxes in 2013.
The Louisiana Economic Development's Board of Commerce and Industry, not local governing bodies, approved the exemptions that waived local property taxes. In 2013 those exemptions amounted to $5.4 million over a 10-year period.
The board says in exchange the recipients made capital investments ranging from $50,000 to $16 million. Their applications said they'd create 369 local jobs, but that was not a requirement.
Oil and gas service industry giant Halliburton was awarded $2 million in local property tax exemptions for its Lafayette Parish operations over 10 years. Halliburton promised a $16 million investment and 48 new jobs.
State legislators are currently trying to overcome a $940 million shortfall in the 2016 budget.