BATON ROUGE, La. (AP) — Gov. John Bel Edwards is again seeking to make changes to a decades-old property tax break for industrial manufacturers.
The Advocate reports that the proposal released Wednesday would return the Industrial Tax Exemption Program to a 10-year break from paying local property taxes. That’s the way it had been for decades until changes made by the Edwards administration.
Under the latest proposal, instead of a complete forgiveness of property taxes, however, companies would be able to get a tax break covering 80 percent of the taxes they otherwise would owe. Companies would have to pay the remaining 20 percent of the assessed values.
The proposals have to go through a regulatory process, which allows for public input, before the Board of Commerce and Industry votes on the governor’s recommended changes.