Repeals application deadlines to receive incentive tax credits or rebates relative to the Louisiana Quality Jobs Program. (8/15/11)
Impact
The immediate effect of passing SB71 would be the repeal of current regulations that limit when businesses can apply for quality jobs incentives. It signifies a legislative shift towards a more accommodating approach to economic development, potentially enabling a wider array of employers to contribute to the local economy. This could enhance job creation and retention, as companies would feel more empowered to seek necessary financial support from the state at their convenience, rather than racing against a deadline.
Summary
Senate Bill 71, sponsored by Senator Michot and Representative Arnold, aims to repeal application deadlines for receiving incentive tax credits or rebates under the Louisiana Quality Jobs Program. This proposed change seeks to encourage businesses to apply for and utilize these incentives without the constraint of strict timelines, thus stimulating economic activity within the state. By removing these deadlines, the bill is positioned to open the door for more companies, especially new and growing businesses, to benefit from state-supported economic development initiatives.
Sentiment
The sentiment around SB71 appears to be generally positive among business advocates and economic development supporters. They view the removal of application deadlines as a necessary and beneficial adjustment that underscores the government's commitment to fostering a conducive environment for business operations. However, there might be concerns regarding the fiscal implications of expanded access to incentives, with opponents questioning whether such measures could lead to an unsustainable burden on the state's budget.
Contention
While the reception of SB71 has been favorable, there are underlying tensions regarding the appropriateness of ongoing tax incentive programs and their effectiveness in driving long-term economic stability. Critics may raise points about whether the state should continually provide incentives without an accompanying assessment of their efficacy. The discussion may revolve around balancing immediate economic assistance with responsible budgeting and future financial inferences.
To extend the deadline for application to receive tax credits or rebates relative to the Louisiana Quality Jobs Program. (8/15/11) (EN DECREASE GF RV See Note)
Makes permanent reductions to credits and rebates under the Enterprise Zone, Quality Jobs, and Competitive Project Payroll Incentive programs. (Items #26 and 27) (gov sig) (EG +$23,290,000 GF RV See Note)