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While many of the state’s tax breaks face the ax as Gov. Jeff Landry’s tax reform proposal swaps them for lower income tax rates, Louisiana’s most lucrative—and one of the most controversial—corporate subsidy will remain in place, Louisiana Illuminator reports
Louisiana’s Industrial Tax Exemption Program is one of the most generous corporate breaks in the nation, giving large industrial companies, many in the petrochemical sector, an 80% exemption on property taxes for up to 10 years.
Since 1998, Louisiana has awarded more than $20 billion in local tax breaks to industry through ITEP, according to an Ohio River Valley Institute analysis.
“We’re not touching ITEP,” Louisiana Economic Development Secretary Susan Bourgeois said in an interview Friday after testifying before the state House Ways & Means Committee. Bourgeois said there is no need for the program to be part of discussions in the legislative session because it doesn’t impact state revenue.
