Tax credit draws techie entrepreneurs to state

New Orleans is in the midst of a mini tech boom, as young “nerds with laptops” are moving from New York, San Francisco and elsewhere to staff established digital businesses and startups, reports the The Wall Street Journal. A metric of technology jobs generated by Moody’s Analytics—a broad category that includes everything from pharmaceuticals manufacturers to software publishers—shows New Orleans’ stock of tech jobs grew 19% from October 2005 to April 2012, compared with 3% growth nationwide. Companies ranging from startups to large established entities are expanding or setting up shop in the Crescent City, drawn by a state tax credit that is offered to digital-media and software firms. Between 2008 and 2010, 69 projects qualified for the tax credit, according to BaxStarr Consulting Group, up from five between 2005 and 2007. The tax credit covers 25% of companies’ production costs and 35% of payroll expenses for employees who live in Louisiana. The tax credit appeals in particular to smaller tech companies because they can be sold on an open market. To read more, click here.