The company serves the hydrocarbon processing, utility, pulp and paper and capital equipment industries. It's a testament to the strength of Louisiana's energized economy that state leaders were able to create a series of new tax incentives to encourage business investment at the same time they were leaping over some major fiscal hurdles. The new Quality Jobs Program provides qualifying businesses with a refundable tax credit for five years based on state benefits from the company's annual gross payroll. The credit, up to 5 percent of payroll annually, can be used to satisfy state corporate and personal income taxes and corporate franchise tax liabilities.
Manufacturing operations are eligible, as are certain warehousing facilities.
They also must offer a basic health benefit plan and pay at least 50 percent of the premium. The new Economic Development Awards Program, administered by the Dept. of Economic Development, allows the state to finance publicly owned infrastructure for new industrial or distribution projects. The infrastructure improvements are made at no cost to the company. Thus far, eight communities have received awards through the program, helping create 1,500 new jobs. Another 15 projects currently are awaiting approval.