Louisiana House Bill HB654

Louisiana 2010 Regular Session

• Introduced: 3/17/10
• Refer: 4/13/10

Caption

Establishes the Greater New Orleans Biosciences Economic Development District Tax Rebate Program in Jefferson and Orleans parishes

Impact

The implementation of this bill is set to have a positive economic impact by attracting employees to the biosciences sector through home ownership incentives. The rebate program is positioned to address the surplus of abandoned properties post-Katrina by facilitating renovations and refurbishments. Eligible employees can claim rebates on tangible items used in home improvement, contributing to both personal economic stability and neighborhood revitalization. Notably, the bill delineates eligibility based on employment in defined medical and bioscience institutions, seeking to create a sustainable workforce within the district.

Summary

House Bill 654 establishes the Greater New Orleans Biosciences Economic Development District Tax Rebate Program, aimed at incentivizing the development of the medical and biosciences sectors in Orleans and Jefferson parishes. This program provides for state and local sales and use tax rebates on certain purchases related to the construction, rebuilding, or renovation of homes designated to house employees of hospitals and bioscience facilities located within the Greater New Orleans Biosciences Economic Development District (GNOBEDD). The intent is to support job creation and economic revitalization following the impacts of Hurricane Katrina, particularly by encouraging employees to buy and improve properties within Orleans Parish.

Sentiment

The general sentiment regarding HB 654 appears to be supportive among stakeholders in the biosciences sector, as it is viewed as a proactive measure to foster local economic growth and restore community integrity. However, there may be concerns about the long-term effectiveness of such incentive programs. Some critics argue that while taxes are being rebated, the strain on public services and infrastructure may not be adequately addressed, leading to debates on the balance between tax incentives and community needs.

Contention

Points of contention around the bill could emerge from discussions on potential inequities created by targeting rebates to specific employment sectors, potentially leaving other areas of critical need unaddressed. Additionally, the administration of the rebate program, governed by both the Department of Revenue and local authorities, raises questions about efficiency, accessibility, and the potential for bureaucratic complications that could hinder claimants. Critics may challenge whether such a targeted approach truly maximizes the benefits to the wider community or merely serves particular interests.