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.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Baton Rouge barber shop broken into for second time in two weeks
Silence from the Livingston Parish sheriff after detectives botched sex crimes case...
After backlash from lawmakers, former State Police leader turns over personal journal...
Hurricane Ida damage still evident on a golf course in Lower Livingston...
Restaurant worker on the run after gunfight in parking lot of Ascension...
Southern baseball walks off Jackson State in SWAC Tournament
Southern baseball wins game one 21-2 over Alcorn
VIDEO: Former Saints and Tiger Devery Henderson talks about the difference between...
New NCAA rules tweak opens door for more SEC dominance
VIDEO: Devery Henderson Talk about Bluegrass Miracle and the Saints "Rebirth game"