New changes proposed to Louisiana property tax break program
BATON ROUGE, La. (AP) - Gov. John Bel Edwards is again seeking to make changes to a decades-old property tax break for industrial manufacturers.
The Advocate reports that the proposal released Wednesday would return the Industrial Tax Exemption Program to a 10-year break from paying local property taxes. That's the way it had been for decades until changes made by the Edwards administration.
Under the latest proposal, instead of a complete forgiveness of property taxes, however, companies would be able to get a tax break covering 80 percent of the taxes they otherwise would owe. Companies would have to pay the remaining 20 percent of the assessed values.
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The proposals have to go through a regulatory process, which allows for public input, before the Board of Commerce and Industry votes on the governor's recommended changes.