Louisiana rewrites industrial tax break program again
BATON ROUGE (AP) - Louisiana is again adjusting the rules for an 80-year-old property tax break for industrial manufacturers.
The new rules for the Industrial Tax Exemption Program were approved Wednesday by the Louisiana Board of Commerce and Industry unanimously.
The Advocate reports the latest rewrite does away with complete forgiveness of property taxes. Instead, companies with new applications will be able to get a tax break covering 80 percent of the taxes they otherwise would owe, for up to 10 years.
Companies will have to pay the remaining 20 percent of the assessed values. That means local governments can start collecting tax dollars immediately.
Gov. John Bel Edwards' administration sought the changes, which also involve enacting a time limit for local taxing authorities to reject the tax break applications.
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