Louisiana Offers LNG Terminal Project Largest Local Tax Break In Us History - $1.4-2.4 Billion
EDIT
The 100 percent property tax break for Tellurian's Driftwood terminal was approved under Louisiana’s Industrial Tax Exemption Program (ITEP), which critics have faulted for being overly industry-friendly. “This is the most notorious property tax program in the country,” Greg LeRoy, executive director of Good Jobs First, told DeSmog. “The cost for jobs is often phenomenal.”
The tax break for Driftwood will be worth $1.4 billion in its first five years. At that point, it can be renewed for an additional five years. Taking depreciation into account, the company will shave $2.4 billion from its tax bill, according to Together Louisiana, which opposed the plan. The Driftwood plant is expected to create 200 permanent jobs. That means the tab for the 10-year tax break would run as high as $10 million per permanent job, critics say.
The company predicts that up to 6,400 workers will also secure temporary construction jobs — which amounts to over $312,000 in tax breaks per temporary job. All together, it’s “the single largest public subsidy by local government in American history,” Together Louisiana wrote in an email, according to The Advocate.
Opponents have raised concerns that local officials, who must sign off on ITEP exemptions under a 2016 executive order by Gov. John Bel Edwards, violated public meeting laws when Driftwood’s exemption was approved.
EDIT
https://www.desmogblog.com/2018/12/20/louisiana-calcasieu-driftwood-lng-export-tellurian-tax-break
= new reply since forum marked as read
