A company that’s expanding its LNG facility in Cameron Parish is one step away from getting a $138 million break on its local property taxes, reports Louisiana Illuminator.
The Louisiana Board of Commerce and Industry, whose members are appointed by the governor, approved Cheniere Energy’s “mega-project” status application Wednesday for its $6 billion plans to expand the Sabine Pass LNG export facility, where the fuel is converted for shipping overseas. If Gov. Jeff Landry gives his approval, the company will be exempt from paying 93% of its property taxes over at least the next five years.
With the increased exemption, Cheniere would pay $10.5 million a year in property taxes instead of $29.8 million, according to Louisiana Economic Development calculations. Without ITEP, the company would have owed closer to $150 million per year. Read more from Louisiana Illuminator.
