2009 Legislative Session Delivers Strong Results for Economic Development
July, 2009
Despite a challenging fiscal climate, the Greater New Orleans region faired well on a broad array of priority issues, all aimed at making this one of the best places in the country for businesses and residents, alike.
GNO, Inc.’s priority agenda focused on legislation that creates the conditions for job opportunity and community wealth creation. Over 75% of the GNO, Inc. agenda passed and was signed into law by Governor Jindal.
GNO, Inc. Legislative Priorities
Exclusion of Capital Gains Tax – HB 106 by Rep. Hunter Greene excludes capital gains from personal income tax for sale of a privately held business in Louisiana, effective January 1, 2010. Prior to this legislative change, business owners were hit with a 6% tax bill when selling their companies. As a result, many moved to other states, taking with them taxes, philanthropy and talent. This wealth and brain drain will now be eliminated.
Digital Media Tax Credits – SB 277 by Sen. Ann Duplessis and Rep. Cameron Henry extends and enhances the digital media tax credit program, offering up to a 35% tax credit on Louisiana based digital media projects such as video gaming, corporate training programs, and interactive technology. The LISTA Coalition led the advocacy effort.
Trade Incentives – HB 215 by Rep. Nita Hutter and Rep. Cedric Richmond creates a two-fold incentive to spur trade activities. The first element provides a $5 per ton tax credit to importers/exporters to increase the trade volume moving through our Louisiana port system. Second, the bill provides a 5% tax credit for private investment into public ports, necessary for building our ports’ infrastructure. The newly enacted legislation is reinforced by a recent BRAC and GNO, Inc. Trade Study.
Energy Incentives – SB 10 by Sen. Reggie Dupre and Rep. Neil Abramson creates new incentives for enhanced oil recovery projects, a relatively new technology meant to lift stranded oil from abandoned wells, a process that is environmentally sound and could tap millions of barrels of new oil to fuel jobs and feed the nation’s long term demands.
GNO, Inc. led an advocacy initiative called REEL – Renewed Energy Economy for Louisiana, which garnered statewide support and will be a multi-year effort focused on intelligent policy changes.
