New job creation is the cornerstone for many of the tax incentives offered by the State of Louisiana. Any business (other than those involved in gaming, churches, or residential developments) who will be adding new permanent jobs, either full-time or part-time, may qualify. New job creation is the cornerstone for many of the tax incentives.
Business incentives are plentiful in Terrebonne Parish. TEDA provides assistance for all available incentive opportunities, as well as the research and application process for state, local, and federal tax abatements, credits, enterprise zones incentives, financing, and available grant funding.
If you are starting, relocating, or expanding your business, please contact TEDA to learn about the advantages Terrebonne Parish has to offer. TEDA will be happy to provide assistance in researching and applying for all incentives available for your specific business.
Industrial Revenue Bonds
- TEDA, Terrebonne Parish, and Strategic Allies have bonding authority and can be considered for such financing instruments when appropriate on a case by case basis.
TIF (Tax Increment Financing)
- TIF allows a municipality to issue bonds to pay for part of the costs of a new development. Property tax revenue (and sometimes sales tax revenue) generated by the development is then diverted from the public coffers and used to pay off the bonds. The diversion usually lasts for at least 15 years and may last for as many as 30 or 40 years.
Revolving Loan Funds
- Provides low interest loans for qualified borrowers to create jobs within Terrebonne Parish. Loans range between $25,000 and $250,000. There are two Revolving Loan Funds administered within the Parish, a local and regional fund. Each fund can be applied for simultaneously. The local RLF is administered through TEDA and the regional loan is administered through South Central Planning.
Utilities and Economic Development
- Entergy
Louisiana, SLECA (South Louisiana Electric Cooperative Association), and The Houma Power Company may offer economic incentives to some industries.
- Incentives are negotiated with companies on an individual basis.
Foreign Trade Zones
- FTZ sites offer the advantage of duty-free storage, assembly, or manufacture of foreign goods.
- Merchandise entering the
US from the FTZ site is subject to duty and quota; merchandise exported from the FTZ site is exempt from all US Customs duties.
- Terrebonne Parish currently includes several FTZ sub zones for multiple organizations in various industries.
Export-Import City-State Bank Partner
- TEDA has a strong partnership with Terrebonne Parishâ??s high concentration of export-import international bank loan providers.
TEDA's Micro-Loan Incentive
Louisiana Cultural District and Historic Preservation Tax Programs
There are a number of federal and state incentives and programs available to local businesses. The incentives and programs include entertainment, job creation, performance-based, property improvement/restoration, research and development/technology, tax credit, tax exemption, and workforce assistance. Visit the Louisiana Economic Development Incentive Finder to locate incentives and programs for your business.
It is very important that you submit the Advance Notification form before beginning any State incentive program. Click here for further instructions.
Gulf Opportunity Zone
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The Louisiana Department of Economic Development in partnership with private business has created a guide to the Louisiana Gulf Opportunity Zone and the opportunities that exist in the Louisiana Gulf South post Hurricanes Katrina and Rita. Click here for a detailed information about each program. Below is a brief explanation of the main programs. In addition, the IRS has also issued "FAQs for Hurricane Victims" including tips regarding these tax incentives and other filings. Visit the GO Zone for more information on other incentives that may apply to your particular business.
New Market Tax Credits
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The NMTC Program enables Community Development Entities that receive an allocation of NMTCs to attract private-sector capital to support investments in businesses, including operating businesses, commercial real estate, and community facilities.
Tax Credit for the Rehabilitation Expenditures of Historic Structures
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The amount of rehabilitation tax credits is increased from 20% to 26% for historic buildings and from 10% to 13% for buildings placed in service before 1936.
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Rehabilitation of structures must occur on or after August 28, 2005, and before January 1, 2009.
Tax Exempt Bond Financing: GO Zone Bonds
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GO Zone Bonds present a unique opportunity to borrow capital at very favorable tax-exempt rates to acquire, construct, re-construct or renovate non-residential real property, qualified residential rental projects, and public utility property in the GO Zone.
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The bonds must be issued prior to January 1, 2011.
Property Tax
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The is no state property tax in Louisiana.
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Terrebonne Parish levies property tax based on the assessed value of the land and/or the improvements multiplied by a millage determined by the location of the property.
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Terrebonne Parish provides for a homestead exemption of $75,000 against the value of the residential property.
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Property Tax (Assessment on FMV)
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Residential & Commercial Land
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10%
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Residential Improvements
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10%
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Commercial Improvements
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15%
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Sales Tax
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