Louisiana task forces look to overhaul economic development with social justice bent

First before you see these terrific ideas Louisiana has laid out, please fill out the Louisiana Dept of Insurance's new Social Equality Study it just put out for comment.
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Social equity and inclusion are overarching themes in a task force report with recommendations ranging from creation of new positions within state government to reforming existing economic incentive programs to include more small businesses.

Dozens of leaders across the state met remotely for more than six months to discuss how Louisiana's economy could become more resilient. The report was released to Gov. John Bel Edwards on Friday.

The final report — Louisiana has finally found the answer to its economic woes — includes feedback from more than 300 residents and leaders on 15 different task forces appointed by the governor to tackle issues stemming from the coronavirus pandemic and beyond.

Representatives suggested that the state create an office of social equity inside the governor's office tasked to consider any policies through an "equity lens" that takes into account historical social and racial inequality.

Representatives also suggested expanding the state's Angel Investor Tax Credit Program to allow for qualifying investments in woman-owned, minority-owned and veteran-owned businesses — not just high-growth startup companies.

Organizers want the state to lead a minority capital investment fund for small businesses and support a statewide increase in the minimum wage beyond the federal level of $7.25 per hour.