Jindal proposes new tax breaks, incentives

Gov. Bobby Jindal is proposing to expand business incentive programs in a bid to attract new industries and corporate headquarters to Louisiana. Jindal announced four new economic development proposals at the Louisiana Technology Park today, saying his administration will pursue them in the upcoming legislative session. “We must pass these reforms in order to give us more flexibility so that we can target new industries and diversify our economy,” Jindal says. The reforms, he says, would lead to 10,000 total new jobs. Among the proposals is a rewriting of the corporate tax laws, expansion of a local property tax exemption program, a new incentive for certain businesses creating high-paying jobs with benefits, and a rebate for relocation costs when a company moves its headquarters to the state. The measure with the highest price tag would expand a 10-year property tax exemption offered to manufacturers to include new businesses, including clean technology, research and development, renewable energy and digital media. It would require a constitutional change, and it would leave parish leaders to decide whether they want to participate. “For those that want it, it’s an effective tool that local governments can use,” Jindal says, adding the total cost of the initiative would depend on the projects it attracts. Kurt Foreman, president of the North Louisiana Economic Partnership, says the intent of the package is “to pull sectors not historically pursued in Louisiana—major logistics, high-tech industries, data centers, capital-intensive sectors—that bring high-paying jobs.” —Ian McGibboney