Louisiana: $1.5 billion in tax breaks for $9.4 billion plant

NEW ORLEANS (AP) — Louisiana Economic Development Secretary Don Pierson says state and local governments offered an estimated $1.5 billion in incentives for a $9.4 billion plastics complex.

That includes 10 years of local property tax exemptions for a subsidiary of Taiwan’s Formosa Petrochemicals Corp. The subsidiary filed its proposals before rules were changed to allow only five years of full exemptions and three of partial exemptions. A company-sponsored analysis estimates the project...

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