Driftwood LNG, the company planning a nearly $16 billion liquefied natural gas export terminal in southwest Louisiana, won approval for a five-year property tax break expected to be worth up to $1.4 billion.
Eventually, the tax break could balloon to more than $2 billion, with a potential five-year renewal. That could make it the most expensive tax exemption ever awarded in Louisiana.
Louisiana’s Board of Commerce and Industry overwhelmingly backed the property tax break this morning for the Calcasieu Parish project. The production and export terminal is expected to create 350 permanent jobs when it is complete in 2023.
Gov. John Bel Edwards’ administration supported the tax break through the Industrial Tax Exemption Program. Approval came despite accusations that local officials violated public meeting laws in backing the exemption