Ascension Parish Public Schools Superintendent David Alexander says he believes an 80% property tax abatement for CF Industries’ proposed “green ammonia” nitrogen complex in Donaldsonville would lead to economic growth, according to The Center Square.
CF Industries plans to decarbonize its ammonia production network to reduce greenhouse gas emissions, contributing to Gov. John Bel Edwards’ climate change goal of net-zero emissions by 2050.
If the Industrial Tax Exemption Program abatement is approved, the company would avoid paying 80 percent of the Donaldsonville complex’s property tax liability for up to a decade.
When asked whether property taxes could increase in the coming years to offset the missing tax revenue—estimated at $7 million over 10 years—Alexander said the tax perk could “increase funds.”
The school board is scheduled to vote on the resolution Nov. 24.
Schools and other services are partly paid for through parishwide millage rates, used to determine local property taxes, and economists often are skeptical of tax incentive programs, citing low taxpayer return on investment.
The Louisiana legislative auditor recently presented findings for the state’s Quality Jobs incentive, saying the tax rebate program has produced fewer than half the expected jobs since its inception in 1995. Read the entire story.