BATON ROUGE [AP] — Placid Refinery in Port Allen, Blue Cross and Blue Shield of Louisiana and a regional Coca-Cola bottler in Baton Rouge are among the companies benefiting from more than $100 million in tax breaks authorized by a state board.
On Tuesday, the Board of Commerce and Industry approved hundreds of Quality Jobs, Enterprise Zone and Industrial Tax Exemption program incentives, with one of the biggest being a $31.6 million property tax break on a $220 million capital investment by Placid Refining Company LLC. The Port Allen refinery recently expanded its capacity to 80,000 barrels per day while lowering sulfur in its diesel products.
Placid was one of 109 companies seeking new industrial tax abatements for five years. Those breaks totaled $87 million on capital investment of $552 million by the 109 firms.
