Two industrial projects in Plaquemines and Caldwell parishes were granted multimillion-dollar tax breaks which were approved by The Louisiana Board of Commerce and Industry. Venture Global LNG received $29.8 million in payroll rebates for its Plaquemines LNG terminal.
This will be the second state tax break for Plaquemines LNG, the first was in 2016 and was an Industrial Tax Exemption Program. That tax break totaled $83.5 million in the first year of the contract. This was part of the contract they had filed with Louisiana Economic Development which is a state agency. With the new incentive, there will be around 413 new jobs created with a total payroll of $497 million over a 10-year period.
Louisiana Green Fuels plant located in Columbia will be given a break for $33.5 million in property taxes. The Caldwell Parish company is worth around $1.95 billion and will only have to pay around $8.38 million during the first year of its contract with the state. This plant is slated to be operational in 2026.
Company officials say this plant will be used to create renewable diesel. They will convert wood waste into fuel. Five permanent jobs will be created along with 1,050 construction jobs total $248 million total payroll.