A Multimillion-Dollar Tax Break For Plaquemines LNG and Venture Global LNG

 Two industrial projects in Plaquemines and Caldwell parishes were granted multimillion-dollar tax breaks which were approved by The Louisiana Board of Commerce and Industry. Venture Global LNG received $29.8 million in payroll rebates for its Plaquemines LNG terminal.

This will be the second state tax break for Plaquemines LNG, the first was in 2016 and was an Industrial Tax Exemption Program. That tax break totaled $83.5 million in the first year of the contract. This was part of the contract they had filed with Louisiana Economic Development which is a state agency. With the new incentive, there will be around 413 new jobs created with a total payroll of $497 million over a 10-year period.

Louisiana Green Fuels plant located in Columbia will be given a break for $33.5 million in property taxes. The Caldwell Parish company is worth around $1.95 billion and will only have to pay around $8.38 million during the first year of its contract with the state. This plant is slated to be operational in 2026.

Company officials say this plant will be used to create renewable diesel. They will convert wood waste into fuel. Five permanent jobs will be created along with 1,050 construction jobs total $248 million total payroll.

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September's State-Level Analysis on Employment

Thirty-three states and the District of Columbia saw a payroll employment increase in September compared to August. There was no change in Wisconsin and 16 states lost jobs during September. According to the Bureau of Labor Statistics, there was a 194,000 increase during September.

Broken down by states the top nonfarm employment month-over-month increase was the strongest in Texas with 95,800 jobs added, Florida with 84,500 jobs and California with 65,000 jobs. The biggest decrease was seen in Louisiana with 29,500 jobs lost which were part of the sixteen states with a total of 65,000 jobs lost across the country.

Year-over-year ending in September, 5.7 million jobs have been recovered marking the economic rebound from the COVID-19 pandemic induced recession.  All states and the District of Columbia added jobs. The highest was seen in California with 795,800 jobs added and the lowest was seen in Wyoming with only 1,700 jobs added.

The construction sector saw an increase in 30 states with 22,000 jobs added. This included both residential and nonresidential construction. Two states, Iowa and Kansas, saw no change while Texas add the highest with 8,900 construction jobs. Tennessee saw the biggest loss with 2,800 jobs gone.

Across the country, there was a 191,000 increase year-over-year with a 2.6% increase compared to September 2020. The largest gain was in California with 35,600 jobs while New York saw the largest decrease with 11,700 jobs lost.

As far as percentages reported, month-over-month saw an increase in Florida at 1.0% and a decrease in Lousiana of 1.6%. Year-over-year Hawaii saw an increase of 12.9% and Wyoming saw the smallest increase of 0.6%.

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