ANNOUNCEMENT 01 Aug 2013In August 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.
Entries for Valero Refining-New Orleans for the Industrial Tax Exemption and Quality Jobs Program on the Louisiana Commerce & Industry Board disclosure site at http://www.opportunitylouisiana.com/assets/LED/docs/Performance_Reporting/2013_CI_Board_Approvals.pdf. See also: Juliuet Linderman, "Valero plans expansion in St. Charles," Times-Picayune (July 17, 2013)
In 2013 the Louisiana Commerce and Industry Board provided an incentives package to Valero Refining for a new plant and additions to its existing refinery. The subsidy value is the total of the estimated value of a ten-year property tax exemption, Quality Jobs sales and use tax credits, and Quality Jobs payroll rebates. The estimated value of the subsidy is $128,622,663.
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.