Businesses relocating or expanding have an opportunity to take advantage of numerous job creation incentive programs and tax credits. “Small town, big business.” Here in Broussard, LA we are eager to assist any and all business owners and corporations with a variety of resources & incentives. Expanding? Relocating? Starting up? As part of the Louisiana Economic Development supporting local business, the Broussard Economic Development Corporation is available to guide you through Louisiana’s tax credits and incentive programs that can give your company a competitive edge.
What Are Tax Incentives?
Tax incentives are exclusions, exemptions or deductions from taxes owed to the government. Businesses receive tax incentives from the government in order to invest back in their businesses, make environmentally-sound choices or to support minorities or disadvantaged business owners.
Tax incentives are available in different forms:
- Tax exemptions: a business does not have to pay certain taxes
- Tax reductions: the amount of tax a business has to pay is reduced
- Tax refunds and rebates: these pay back a business part of their taxes after they’ve already paid the balance
- Tax credits: these credits can be accumulated and used as desired, in one tax year or the next
To get a tax incentive, a business have to meet the government’s requirements. These can include:
- Being part of a specific industry
- Creating a certain number of jobs
- Reaching a payroll minimum
- Investing a certain minimum amount in a project
Tax incentives have different purposes according to what the government wants i.e. more private investment, more jobs, more research and development. They might specifically target industries they want to foster and see grow such as information technology, agriculture or biotechnology.
Why Does Louisiana Offer Incentives?
The government uses tax incentives in order to help increase economic development. Tax incentives make it less expensive and more profitable for a business to function. Louisiana utilizes tax incentives to encourage businesses to operate in their state. In a nutshell, tax incentives decrease the amount of tax businesses have to pay to the government. This helps them decrease the cost of doing business and be more profitable. Incentives are designed to encourage businesses to create jobs or invest more in our state. Tax incentives are an effective tool to improve the local economy.
What Incentives Are Available to Me In Broussard, Louisiana?
Louisiana Economic Development Incentives Include:
- LED Faststart – creates customized employee recruiting, screening and training solutions–at no cost to eligible companies
- Angel Investor Tax Credit – up to a 25 % tax credit for individual investors who invest in early stage, wealth-creating businesses that seek start-up and expansion capital
- Enterprise Zone – either a $3,500 or $1,000 tax credit for each certifies net, new job created and either a state sales/use tax rebate on capital expenses or 1.5 percent investment tax credit for qualifying expenses.
- Industrial Tax Exemption – property tax abatement for up to 10 years on a manufacturer’s new investment and annual capitalized addtitions
- Research and Development Tax Credit – a tax credit up to 30 percent to existing businesses with operating facilities in Louisiana to establish or continue research and development within the state.
Learn more:Louisiana Economic Development Incentives
Looking to relocate? Broussard, Louisiana is home to a thriving business base and a growing workforce. We have a wide variety of business relocation programs and resources to help your business succeed. Learn more about everything Broussard has to offer and why choosing Broussard for a relocation is the right decision. Broussard is home to a world-class workforce, an integrated transportation network, a diversified business base, and a hometown appeal. With this foundation, the City of Broussard is able to foster an economy that supports a growing population and diverse industry sectors. With an estimated population of more than 11,000, Broussard, Louisiana, is located approximately six miles southeast of Lafayette in Lafayette and St. Martin Parishes (counties).