Posted: Dec 11, 2012 10:28 AM
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.