ANNOUNCEMENT 01 Sep 2013In September 2013, a US state government announced a targeted tax change.
NUMBER OF INTERVENTIONS
Main data from Good Jobs First at http://www.goodjobsfirst.org/sites/default/files/docs/Megadeals_February2015.xlsx.
Press release issued by Gov. Bobby Jindal on December 5, 2012; available online at: http://www.gov.state.la.us/index.cfm?md=newsroom&tmp=detail&articleID=3758.
Michelle Millhollon, "Legislators OK project they had delayed last week," The Advocate (August 22, 2013), available at http://theadvocate.com/home/6793134-125/legislators-ok-project-they-had
In December 2012, the governor of Louisiana announced a subsidy package worth at least $135 million for Sasol, a South African energy company, for building a gas-to-liquid (GTL) and ethane cracker complex. The press release indicated $115 million for land acquisition and infrastructure costs and $20 million for a new training facility. Other subsidies whose value was not disclosed include assistance through the state's FastStart worker training program, payroll rebates, and tax breaks through the Industrial Tax Exemption program.
In August, 2013, the state legislature approved a package of at least $257 million over 10 years, based on the company's performance. This amount included the stated $115 million grant for land acquisition and infrastructure costs and $69.7 million in rebates and other incentives.
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.