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Tweaks considered for 'enterprise zone' tax break

2 years ago December 11, 2012 Dec 11, 2012 Tuesday, December 11 2012 Tuesday, December 11, 2012 8:28:48 AM EST in News
Source: Associated Press

BATON ROUGE - Economic Development Secretary Stephen Moret says he'll propose changes to a tax credit program that was designed to spur development in depressed communities. The program has instead often benefited big companies investing in affluent areas.

Moret told a legislative committee Monday that Louisiana granted $91 million in "enterprise zone" tax credits in the budget year that ended June 30, 2011.

The Advocate reports that the credit's top applicants included Walgreen's, Rouse's Enterprises, Raising Cane's, Wal-Mart and a company with Shell service stations.

House Speaker Chuck Kleckley says he's concerned about subsidizing "big box retailers" in small communities that he claimed are squeezing out small, family-owned businesses.

The issue came up during a meeting of the Revenue Study Commission, which is reviewing Louisiana's state tax breaks.

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