Earlier this year, Louisiana welcomed in a new governor, Jeff Landry, who has big plans to bring business back to Louisiana.
We are excited to work with Governor Landry and our legislators as we focus on making positive changes to our state’s business climate.
One of Governor Landry’s initial acts upon taking office was to sign Executive Order JML 24-23, restructuring the conditions for participation in the state’s Industrial Tax Exemption Programs (ITEP). These changes have helped to streamline the regulatory processes for those companies looking to invest in Louisiana, creating local ITEP committees that oversee the approval of company applications. Additionally, the removal of job creation and retention requirements allows companies to focus on capital investment in these areas. By simplifying the approval process and providing these tax incentives, Governor Landry has demonstrated a clear commitment to driving economic prosperity and job growth in our state.
Louisiana is back open for business
Mississippi River
For the chemical industry, these changes are particularly significant. Here in Louisiana, we are home to a sizable chemical sector, contributing substantially to the state’s economy and providing essential products for industries worldwide. With the revisions to ITEP, our industry can confidently pursue new developments, knowing that we have the support of state leadership in fostering a conducive business environment.
Governor Landry’s administration recognizes the importance of leveraging Louisiana’s unique strengths and resources to attract investments and promote economic growth. With our strategic location on the Gulf Coast, with access to vital commercial arteries like the Mississippi River and the Calcasieu Basin, Louisiana, and its mineral deposits, offer the ideal place for new industry to take root. That, in addition to our skilled workforce and robust infrastructure, offers Louisiana unparalleled opportunities for businesses looking to expand or relocate. By capitalizing on these advantages and fostering an environment conducive to innovation and entrepreneurship, Louisiana is prime to become a premier destination for business investment and economic development in the years to come.
Louisiana is back open for business
Louisiana’s capital building
It’s important to recognize the broader impact of these policy changes beyond the chemical industry. Bringing new industry investment into Louisiana will help stimulate job growth, infrastructure development and community prosperity. The chemical industry is the No. 1 producer of direct jobs in Louisiana’s manufacturing sector and supports nearly $15.7 billion in annual household earnings for state citizens. When Louisiana’s industry thrives, so does the state’s economy. Governor Landry is laying the foundation for long-term economic development and competitiveness for the state.
The revisions to the ITEP program represent a pivotal moment for our industry and the broader business community of Louisiana. We look forward to working with Governor Landry and our legislators as we work together toward making a thriving and more prosperous Louisiana.
For more information, visit lca.org or email info@lca.org.
