Monday, April 15, 2024

Landry Announces Changes to Industrial Tax Exemption Program at LABI Annual Meeting

by BIZ Magazine

The Louisiana Association of Business and Industry (LABI) convened its 48th Annual Meeting today at the Crowne Plaza in Baton Rouge, bringing together key stakeholders to discuss crucial issues impacting the state’s business landscape. Governor Jeff Landry made a significant announcement during the event, signing an executive order to implement substantial revisions to the Industrial Tax Exemption Program (ITEP).

The morning session featured a Legislative Leadership Panel, with Senate President Cameron Henry and Speaker of the House Phillip Devillier engaging in discussions on critical topics such as insurance stabilization, education, workforce development, and tax reform. LABI President and CEO Will Green moderated the panel, providing insights into LABI’s priorities and initiatives.

Governor Landry, serving as the keynote speaker at the luncheon, took the stage alongside Louisiana Economic Development Secretary Susan Bonnett Bourgeois and Secretary of Louisiana Workforce Commission Susie Schowen. The governor’s address underscored the administration’s commitment to fostering a favorable business climate in Louisiana.

The highlight of the luncheon was Governor Landry’s executive order, which brings about significant changes to the ITEP. The order maintains the property tax exemption cap at 80 percent, eliminates the job creation requirement introduced in the previous administration, and streamlines the approval process by establishing a one-stop-shop at the local level.

LABI President and CEO Will Green expressed enthusiasm about the governor’s announcement, emphasizing its potential to attract investment and revitalize Louisiana’s economy. “The governor’s decision to revise the ITEP sends a clear signal that Louisiana is open for business,” said Green. “This move positions our state as a competitive destination for manufacturers considering new investments.”

Jason DeCuir, LABI Board Chairman and co-owner of Advantous, echoed Green’s sentiments, highlighting the significance of the governor’s initiative in attracting major manufacturers and stimulating economic growth.

With over 1,000 attendees, this year’s LABI Annual Meeting served as a platform for stakeholders to engage in meaningful discussions and exchange ideas as Louisiana embarks on a new chapter under fresh leadership.

According to LABI, the changes to the ITEP reflect the state’s proactive approach to enhancing its business environment and fostering a climate conducive to economic expansion and job creation.

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