Venture Global gets lion share of ITEP tax breaks

(Courtesy Venture Global)

The Louisiana Board of Commerce and Industry approved more than $187 million worth of industrial tax exemptions on Friday in its first meeting since April, reports Louisiana Illuminator.

Venture Global Calcasieu Pass got the lion’s share of those tax breaks—an estimated $184.6 million—under Louisiana’s Industrial Tax Exemption Program for the liquefied natural gas export terminal it’s building in Cameron Parish.

The board approved Venture Global’s application without much discussion. The company will also receive supplemental tax credits for the same project via the state’s Quality Jobs program, which gives rebates for portions of a business’s payroll or project facility costs.

Because Venture Global filed its ITEP application in 2015, it avoided changes made by Gov. John Bel Edwards to the program through an executive order after he took office in 2016. Edwards’ changes limit local property tax exemptions to 80% of a company’s tax bill, require companies to create or retain jobs in exchange for the tax breaks and give local governments the authority to approve or deny ITEP applications.

Venture Global plans to create 240 jobs at the facility with a collective payroll of $35.2 million.

A company representative told the board that construction of the facility is nearly complete, though he did not elaborate. The terminal began commissioning LNG shipments last year but hasn’t begun commercial operations.

Other applications the board approved include a $737,000 first-year exemption for Syngenta Crop Protection in Iberville Parish, an $821,000 first-year exemption for Ucore North America in Rapides Parish, and an ITEP renewal for a $9 million investment by Mauser USA in Ascension Parish. Read the full story from Louisiana Illuminator.