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Industrial Tax Exemption Program in LA
Posted on 3/28/23 at 12:20 pm
Posted on 3/28/23 at 12:20 pm
What are yalls thoughts on the growing movement to change how tax exemptions are given out?
Louisiana communities miss out on millions each year
Louisiana communities miss out on millions each year
8
Posted on 3/28/23 at 12:24 pm to Mbeloso
quote:
Louisiana communities miss out on millions each year
You talking about your homestead exemption?
Or you just focused on making others pay more taxes?
Posted on 3/28/23 at 12:25 pm to Mbeloso
quote:
Louisiana communities miss out on millions each year
In an alternate reality where they are not given out, how do we know whether business decisions would be the same?
Posted on 3/28/23 at 12:25 pm to BigJim
897 plants in the state
That is what I am referring to
That is what I am referring to
Posted on 3/28/23 at 12:27 pm to Mbeloso
It's kind of hilarious that conservatives scream about local control being better but when it comes to tax exemptions for select businesses they want the state to override local governments and voters.
LABI is one of the main reasons we will never be able to abolish the income tax. Too much fun picking winners and losers.
LABI is one of the main reasons we will never be able to abolish the income tax. Too much fun picking winners and losers.
Posted on 3/28/23 at 12:32 pm to Mbeloso
I think its a necessary evil to bring decent jobs to the state.
Posted on 3/28/23 at 2:26 pm to BeepNode
quote:
LABI is one of the main reasons we will never be able to abolish the income tax. Too much fun picking winners and losers.
I believe you may be on to something.
Between them and those who will scream bloody murder at any suggestion to reduce what is the largest homestead exemption in the nation.
This post was edited on 3/28/23 at 2:27 pm
Posted on 3/28/23 at 2:31 pm to Mbeloso
It expires
Posted on 3/28/23 at 2:37 pm to ragincajun03
quote:
Between them and those who will scream bloody murder at any suggestion to reduce what is the largest homestead exemption in the nation.
Both the ITEP and homestead have their issues. ITEP has been trimmed and locals now have a say (though, in a haphazard could-be-better-coordinated way).
Overall, the state does not charge much for property tax and the little that is collected is mostly from businesses. It's just the large plants that get an exemption (and that's only for 8 or 10 years).
Are there some plants that get ITEP that would have been built anyway? I am sure of it. I just don't know the percentage.
Now, are there people who live in Louisiana that wouldn't but for the homestead? No. It's big ol' populist tax give away.
And it's crazy to me that people focus on ITEP without breathing a word about homestead.
Actually, unfortunately, it's not that crazy at all. People want services and they want others to pay.
Posted on 3/28/23 at 2:46 pm to Mbeloso
You want good paying jobs here or in Texas.... you can't have both. It is the only thing attracting plants with the tax deferment. They pay money, just not whole dollar up front. They pay millions in taxes in other areas from Bel Edwards and how he structured taxes on energy, MMA, etc.
Posted on 3/28/23 at 3:20 pm to ragincajun03
Homestead exemption is why so many places in Louisiana are a shithole
If they got rid of homestead exemption the sheriff could kick out the bad people and law abiding citizens could buy the blighted property at the sheriffs sale
If they got rid of homestead exemption the sheriff could kick out the bad people and law abiding citizens could buy the blighted property at the sheriffs sale
Posted on 3/28/23 at 3:23 pm to BigJim
quote:
Both the ITEP and homestead have their issues. ITEP has been trimmed and locals now have a say (though, in a haphazard could-be-better-coordinated way).
ITEP got neutered i think back in the 2015 legislative session. I think the credit became nonrefundable which made it completely useless for one of my clients. Had a mad rush to get a bunch of returns out before June 30 so the credit didn't get stuck in limbo.
I think they changed a part of the law so you couldn't use the ITEP if you were using some other program. Basically ending a double dip.
I really don't think it is all that big of a windfall for taxpayers any longer
Posted on 3/28/23 at 4:03 pm to Mbeloso
quote:
What are yalls thoughts on the growing movement to change how tax exemptions are given out?
State government collects $0 in property taxes.
State goverment has NO right to give away local government money.
State government should have NO say in property tax rules, rates, regulations, or exemptions.
Local parishes and cities should be allowed to set their own rules, and if they want to give exemptions, they should absolutely be allowed to do so.
But in no way, shape, or form should state government or any state government board have anything at all to do with this.
As to the concept of exemptions themselves... I think some are good and some are bad. I'm more likely to support exemptions that result in significant high paying job growth.
I've seem exemptions that work out to like $400K in savings per job added. If that job didn't come here, would we be any worse off?
Posted on 3/28/23 at 4:30 pm to Mbeloso
We should end ITEP and the homestead exemption while holding property tax collection the same. This would add billions to the tax rolls and tax millages would collapse. Many homeowners would actually see a tax decrease.
Posted on 3/28/23 at 4:38 pm to I B Freeman
ITEP should be a local deal, and tied to jobs.
Too many times you see here the exemption granted is way bigger than the number of good jobs created.
Homestead exemption is flawed. Every property owner should pay something. Set a ceiling. Everyone pays tax on say the first 50K. After that the exemption kicks in. Once the ceiling is reached, say at 150K; then taxes are reapplied. But that way every property owner has skin in the game and everyone contributes to schools, parks, cops, etc.
Too many times you see here the exemption granted is way bigger than the number of good jobs created.
Homestead exemption is flawed. Every property owner should pay something. Set a ceiling. Everyone pays tax on say the first 50K. After that the exemption kicks in. Once the ceiling is reached, say at 150K; then taxes are reapplied. But that way every property owner has skin in the game and everyone contributes to schools, parks, cops, etc.
Posted on 3/28/23 at 4:39 pm to PeleofAnalytics
I believe you are referring the inventory tax credit.
Posted on 3/28/23 at 4:40 pm to BeepNode
quote:
LABI is one of the main reasons we will never be able to abolish the income tax. Too much fun picking winners and losers
This is incorrect. LABI is definitely in favor of tax reform and points to non-income tax states like Texas, Florida, & Tennessee as examples to emulate. That said, they are strongly for ITEP decisions being made at the state level (with local input).
Posted on 3/28/23 at 4:40 pm to BeepNode
quote:
LABI is one of the main reasons we will never be able to abolish the income tax.
They’ll run on it, though. Take out the ITEP (they’re here for the industrial infrastructure), lower homestead exemption, remove non-profit property tax exemptions, and shrink the state gov’t. Keep taxes local. Let municipalities thrive, not go to the State Capitol (Casino) to try to win back their own money.
Texas’ success has much to do with the success of their local decision makers using local funding responsibly.
Posted on 3/28/23 at 4:46 pm to doubleb
quote:The problem is this draws woke / liberal activists who ruin any chance of winning the project.
ITEP should be a local deal,
quote:I couldn’t agree more. Accountability definitely needs to be strengthened no matter where the decision is made
tied to jobs. Too many times you see here the exemption granted is way bigger than the number of good jobs created
quote:This is a good idea.
Homestead exemption is flawed. Every property owner should pay something. Set a ceiling. Everyone pays tax on say the first 50K. After that the exemption kicks in. Once the ceiling is reached, say at 150K; then taxes are reapplied. But that way every property owner has skin in the game and everyone contributes to schools, parks, cops, etc.
Posted on 3/28/23 at 4:52 pm to SlackMaster
quote:
ITEP should be a local deal,
The problem is this draws woke / liberal activists who ruin any chance of winning the project.
The problem is govt. has not done their job and has not given exemptions only to deserving projects. I welcome local opposition of all flavors. Get things out in the open.
Conservatives should by their very nature be first in line to ask questions. Maybe if they were, elected officials would think twice before rubber stamping these deals.
This post was edited on 3/28/23 at 6:41 pm
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