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Largest tax exemption in Louisiana's history awarded for LNG project in Lake Charles area
Posted on 12/19/18 at 8:20 am
Posted on 12/19/18 at 8:20 am
quote:
The developer of a liquefied natural gas export facility in southwest Louisiana won approval for a controversial tax break that could reach more than $2 billion over 10 years, potentially the largest exemption awarded in the state’s history.
The Louisiana Board of Commerce and Industry voted in favor of the exemption for Driftwood LNG LLC, a subsidiary of Tellurian Inc., on Friday. A spokesman for Gov. John Bel Edwards said he will sign off on it.
The exemption is for a $15.9 billion LNG export facility that is expected to create 300 jobs, according to Louisiana Economic Development Secretary Don Pierson. It is expected to create 6,400 temporary construction jobs.
In the first year alone, the tax break will be worth an estimated $283.7 million.
The vote Friday came after a lengthy debate, and over objections from Together Louisiana, an advocacy group critical of the state's Industrial Tax Exemption Program. The group on Friday argued that the process that local taxing authorities used to approve the exemption violated open meetings laws and did not give residents a fair say.
LINK
quote:
Developers of LNG export facilities have flocked to the Lake Charles region in recent years, planning multibillion-dollar projects and racing to meet peak global demand for U.S. natural gas in the mid-2020s. Driftwood’s investment would be the largest LNG facility to date in terms of capital investment, possibly in the entire country.
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Posted on 12/19/18 at 8:22 am to member12
The state could've used that $2 billion towards a new bridge in Iberville Parish.
This post was edited on 12/19/18 at 8:24 am
Posted on 12/19/18 at 8:25 am to TDsngumbo
quote:
So the state can afford to turn down $16 billion dollars but can't afford to build a $5 billion bridge. Boy, JBE just keeps getting better and better.
$2 billion.
Either we can be pragmatic and voluntarily not collect those taxes and have 6400 construction jobs and 130 permanent, high paying jobs in the economy.
Or we can keep our principles and not collect those taxes and not have 6400 construction jobs and 130 high, paying jobs in the economy.
Ideally, we can be smart and reform our tax code to be more competitive with Texas. But that's politically impossible even if JBE wanted to do it. Jindal tried and was shot down.
This post was edited on 12/19/18 at 8:28 am
Posted on 12/19/18 at 8:25 am to member12
Good, imagine the business climate we would have if ALL taxes were low 
Posted on 12/19/18 at 8:27 am to TDsngumbo
quote:
The state could've used that $2 billion towards a new bridge study in Iberville Parish.
Posted on 12/19/18 at 8:28 am to Strannix
Posted on 12/19/18 at 8:28 am to member12
quote:
$15.9 billion LNG export facility
Wonder how long that'll be under construction.
Posted on 12/19/18 at 8:29 am to member12
quote:
I'd rather have those jobs (and income taxes) in Lake Charles instead of Orange or Port Arthur.
Thank you, kind sir
Posted on 12/19/18 at 8:29 am to JumpingTheShark
quote:
Why Louisiana Stays Poor
prop
a
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Posted on 12/19/18 at 8:30 am to SlowFlowPro
Yeah, cause it’s thriving and all 
Posted on 12/19/18 at 8:33 am to JumpingTheShark
quote:
Yeah, cause it’s thriving and all
where did i say that?
it's simple math: would you rather the secondary benefits from this construction and in 10 years reap major primary-public benefits, or get 0?
go look at the chart in the article. those properties lose their exception in 10 years. some are a few years old so it's closer to 5. when those exceptions dissolve, SWLA is going to be fricking rolling in tax money. that area is one of the biggest positive GDP growth areas in the US and the only positive growth area in LA iirc. all of that would be 0 without the exception
Posted on 12/19/18 at 8:35 am to JumpingTheShark
Our government having more money wouldn’t make us prosperous
Posted on 12/19/18 at 8:35 am to SlowFlowPro
The point of the video is that it says that that won’t matter, that resources aren’t being used for the betterment of the state and that the state still ranks last in many very important metrics. On top of that, it also suggests that there is little evidence that a project like this would do anything to change that.
Posted on 12/19/18 at 8:35 am to SlowFlowPro
quote:
that area is one of the biggest positive GDP growth areas in the US and the only positive growth area in LA iirc. all of that would be 0 without the exception
Lake Charles (and to a lesser extent, Baton Rouge) is the only metro area in the state that consistently gains jobs. A big part of that is tax breaks given to employers.
This post was edited on 12/19/18 at 8:36 am
Posted on 12/19/18 at 8:37 am to NIH
I agree, and that is one of the reasons why I moved away.
Posted on 12/19/18 at 8:38 am to JumpingTheShark
quote:
On top of that, it also suggests that there is little evidence that a project like this would do anything to change that.
It suggests a lot of things. Most of it not based on facts or economic reality.
Posted on 12/19/18 at 8:38 am to JumpingTheShark
quote:
it says that that won’t matter, that resources aren’t being used for the betterment of the state
they're borderline socialists and they're lying
quote:
and that the state still ranks last in many very important metrics.
has nothing to do with taxing out of state corporations
that mentality is a major reason why we rank so low and has prevented companies from trying to expand an economic base to help poor people
quote:
On top of that, it also suggests that there is little evidence that a project like this would do anything to change that.
do what?
again, go back to the simple math. their argument has a key flaw: it assumes LA would get these projects without the favorable tax treatments. remove this flaw and their argument crumbles (Because then LA gets nothing. how do we improve with fewer jobs and tax revenue?)
Posted on 12/19/18 at 8:39 am to member12
quote:
$2 billion.
Either we can be pragmatic and voluntarily not collect those taxes and have 6400 construction jobs and 130 permanent, high paying jobs in the economy.
Or we can keep our principles and not collect those taxes and not have 6400 construction jobs and 130 high, paying jobs in the economy.
I'll never get how people don't understand this. It's not hard. The project is going to take 10 years to complete and once the construction is complete, you get the full property tax on the new more valuable property.
Posted on 12/19/18 at 8:39 am to NIH
quote:
Our government having more money wouldn’t make us prosperous
Also very true.
Posted on 12/19/18 at 8:40 am to SlowFlowPro
You’re in denial, let me know when Louisiana changes its ways...cause you know, they’re known for that. I don’t know what it’s going to take to move our state up the rankings, but I wish they could do something.
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