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Jeff Landry signs executive order modifying business tax exemption participation

2 months 3 weeks 6 days ago Wednesday, February 21 2024 Feb 21, 2024 February 21, 2024 1:07 PM February 21, 2024 in News
Source: Baton Rouge Business Report

Governor Jeff Landry signed an executive order Wednesday altering the requirements for businesses to participate in ITEP—the Industrial Tax Exemption Program. 

ITEP was established in Louisiana to incentivize businesses and manufacturers by providing an 80% tax abatement for up to ten years with new investments in the state. 

The Greater Baton Rouge Business Report says Landry's EO did not remove that 80% reduction but loosened regulations for businesses to be eligible for ITEP. Previously, new investments would have to prove they would create and maintain new job opportunities for the state, but Landry says that's not what ITEP is for. 

“This program is about capital investment,” Landry says. “It is not about job creation.”

Additionally, ITEP applications will no longer have to go through multiple local agencies to be considered. Now, they will go to the local industrial board, which will have 45 days to approve or pass before it is sent to the state industrial board for final approval. Should there be a disagreement between the two boards, the governor will make the final decision. 

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