Your Community Newspaper - Larose, LA

Serving Raceland, Gheens, Lockport, Valentine, Larose, Cut Off, Galliano, Golden Meadow, Leeville, & Grand Isle

Wednesday, August 21, 2019

Share This Article:

Lafourche Parish seeks designation of an Enterprise Zone

Lafourche Parish seeks designation of an Enterprise Zone

The Lafourche Parish Council voted to request the designation of an "Enterprise Zone" for he parish.

The Enterprise Zone is a jobs incentive program that provides Louisiana income and franchise tax credits to a new or existing business located in Louisiana creating permanent net new full-time jobs.  

Louisiana started the Enterprise Zone to stimulate business and industrial growth in depressed areas of the state (every parish should have several enterprise zones), by providing tax incentives for new jobs created in those areas and providing assistance to businesses and industries.  

The benefit provides:

- A one-time $2,500 job tax credit for each net new job created.

- A 4% rebate of sales and use taxes paid on qualifying materials, machinery, furniture, and/or equipment purchased or a 1.5% refundable investment tax credit on the total capital investment, excluding tax exempted items.

Lafourche Parish President Charlotte Randolph stated, "This designation provides the parish another opportunity to bring in new businesses. New businesses mean new jobs for our area and that provides a strong outlook for the economic development of Lafourche Parish."