The Louisiana Board of Commerce and Industry unanimously approved multimillion-dollar tax breaks for a pair of industrial projects in Plaquemines and Caldwell parishes for Venture Global LNG and Louisiana Green Fuels. Venture Global received a $29.8M payroll rebate over 10 years for its $14.4B Plaquemines LNG terminal. It's not the first state tax break for the LNG. In 2016, the board OK'd an Industrial Tax Exemption Program contract for $83.5M for the LNG terminal, according to state records. The terminal is expected to create 413 direct jobs with a total payroll of $497M over 10 years. It is expected to come online in 2024. In Caldwell Parish, the board approved an Improved Turbine Engine Program (ITEP) contract for the $1.95B Louisiana Green Fuels plant in Columbia. The company will be free from paying $33.5M in property taxes while only putting in $8.38M for the first year of its contract. The plant, which will convert wood waste into “renewable” diesel, is expected to create five permanent jobs at a total payroll of $250,000 along with 1,050 construction jobs. (NOLA.com 01/20/23) Multimillion-dollar tax breaks approved for Plaquemines LNG, Louisiana Green Fuels | Business News | nola.com
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