Governor Bobby Jindal signed progressive legislation that benefits Louisiana shippers and public port authorities statewide.
House Bill 215 by Reps. Nita Hutter, Walt Leger and Cedric Richmond, creates two tax credits. The first would grant a $5 per-ton tax credit to qualified Louisiana businesses who import or export breakbulk or containerized cargo on oceangoing vessels through a Louisiana public port authority. The second 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.
The bill was one of nine pieces of tax credit legislation signed by Governor Jindal.
“These tax incentives are critical tools to give Louisiana a bright economic future,” 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.”
“I want to thank Governor Jindal for signing this important legislation and for all the legislators who supported our efforts throughout the recent session,” said Gary LaGrange, president and CEO of the Port of New Orleans. “This is a great day for Louisiana commerce, as it pertains to international trade and potential investments in our port infrastructure.”
Allen J. “A.J.” Gibbs, chairman of the Board of Commissioners of the Port of New Orleans, said the programs will benefit maritime commerce and public port authorities statewide.
“The overall goal is to make Louisiana businesses the most competitive they can be in the global marketplace,” Gibbs said. “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.”
While the legislation has been signed, the Division of Administration and Joint Legislative Committee on the Budget will decide when and how the programs will be implemented.
