Written by Annie Ourso Landry | June 27, 2018
The Louisiana Board of Commerce and Industry approved the state’s changes to the Industrial Tax Exemption Program today, which were supported by business and industry as a way to bring stability back to the property tax break program that was upended in 2016.
The board voted unanimously in favor of the new rules, which cap the incentives for manufacturers at 80% for 10 years, enabling local governments to collect some property tax revenues their first year in operation. The rules also standardize ITEP applications and give the state the authority to evaluate and conditionally approve exemptions, while local governing bodies still have the right to veto them.
Gov. John Bel Edwards’ administration and the board view the new ITEP rules as a compromise between manufacturers and local governments.
Don Hanna began his real estate career in 1996 after retiring from BASF Corporation, where he was employed for 30 years. He is particularly involved in the Ascension Parish area where he currently serves on the Industrial Development Board / Ascension Parish Economic Development Board as Vice Chair and is involved in the Ascension Parish Chamber through Saurage Rotenberg Commercial Real Estate. Don was Past President of the Commercial Investment Division (CID) for 2002, a Past Member of the Board of Directors for the Greater Baton Rouge Association of Realtors (GBRAR), a Past Board Member of the Ascension Parish Realtors Council, and is Director on the Board of Managers for the Louisiana Commercial Database (LACDB).
Saurage Rotenberg Commercial Real Estate is a member of the Baton Rouge Area Chamber of Commerce (BRAC); the West Baton Rouge Chamber of Commerce; the Baton Rouge Better Business Bureau; the Louisiana Commercial Data Base (LACDB); and the International Council of Shopping Centers (ICSC). Several agents, on an individual basis, are members of the Society of Industrial and Office Realtors® (SIOR), the Certified Commercial Investment Member Institute (CCIM); the National Association of REALTORS® (NAR); and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).