ANNOUNCEMENT 01 Aug 2013

In August 2013, a US state government announced a targeted tax change.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 1 neutral
  • 0 liberalising

SOURCE



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)


Inception date: 01 Aug 2013 | Removal date: open ended
Still in force

Tax or social insurance relief

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.

AFFECTED SECTORS