The Louisiana Board of Commerce and Industry last week approved an $80 million tax break for a Japanese company that promises to create nine full-time jobs once it builds a chemical plant in Jefferson Parish, reports Louisiana Illuminator.
UBE Corp. plans to construct a new facility that manufactures chemical solvents for electric vehicle batteries inside the Cornerstone Chemical Complex, located on the west bank of the Mississippi River in Waggaman.
The Louisiana Board of Commerce and Industry approved the company’s application for a $8 million first-year property tax break under the state’s Industrial Tax Exemption Program. Under ITEP, companies get to claim the exemption each year for a maximum of 10 years, bringing the total value of UBE’s tax break to an estimated $80.8 million.
UBE’s ITEP application will still have to go before Jefferson officials—its parish council, school board and sheriff—for local approval. If they don’t act, which is often the case, the Board of Commerce considers it tacit approval.
UBE plans to begin construction at the Cornerstone site as early as August 2024 and complete the project by July 2026. Read the full story about the plant from Louisiana Illuminator.