Marcy Behrmann Frank | Jul 10, 2009 11:06AM EDT
New legislation will give Louisiana importers and exporters a $5 per-ton tax credit on breakbulk or containerized cargo on oceangoing vessels through a Louisiana public port authority.
The bill, signed into law this week, also encourages public-private partnerships to build port infrastructure projects, by providing a 5 percent annual tax credit for 20 years. Companies must invest at least $5 million in order to qualify for the tax credit program.
“These tax incentives are critical tools to give Louisiana a bright economic future,” Louisiana Gov. Bobby Jindal said. “By signing these bills, we’re ensuring that we not only have the ability to remain economically competitive, but that we can continue to move our state forward by making Louisiana the greatest place in the world to find a great paying job and raise a family.”
The Division of Administration and Joint Legislative Committee on the Budget is responsible for deciding how the programs will be implemented.
“The overall goal is to make Louisiana businesses the most competitive they can be in the global marketplace,” said Allen J. “A.J.” Gibbs, chairman of the Board of Commissioners of the Port of New Orleans. “This legislation will help to create a positive atmosphere for existing and new international businesses and create new jobs in Louisiana. Now we have tools necessary to enhance our historic position in international trade by establishing new competitive advantages.”
Contact Marcy Behrmann Frank at mfrank@joc.com.