Senate Committee Approves Revenue Generating Bill Opposed By Louisiana Business Industry
The Senate Revenue and Fiscal Affairs committee approves a bill that would make industries decide between taking an industrial tax exemption or receiving an inventory tax credit. The measure would generate an estimated 146-million in state revenues.
Alexandria Sen. Jay Luneau says the state is struggling financially and can’t afford to give big businesses large tax breaks.
“When are we going to do something in this state to help middle class people and help small business people? I’m a small business man, I own six different small businesses, I don’t get tax exemptions like this.”
Jim Patterson with the Louisiana Association for Business and Industry spoke out against the legislation because he believes these tax incentives help our state’s economy.
“I would note that the industrial property tax exemption as it is with most states, close to 40 states in this country is a keep economic development too that we use in this state.”
But New Orleans Sen. Karen Peterson says it’s time to stop cutting from higher education, public schools and healthcare and come up with a real solution to our budget problem.
“We have to do a balancing act and while you might not agree on everything that we do, chipping away a little bit at the incentives is the role that we have.”
The measure is heading to the Senate floor, if the proposed law gets to the house, it’s not expected to get a warm reception.