The Industrial Tax Exemption (ITE) Program is Louisiana’s original incentive program for capital investment by manufacturers.
BENEFITS:
The Industrial Tax Exemption (ITE) Program abates, up to ten years, local property taxes on a manufacturer’s new investment and annual capitalized additions.The initial contract may be granted for a maximum of 5 years.The contract can be renewed for an additional 5 years.
The net property tax savings amounts to approximately one percent (1%) per year of the value of the investment.The ITE Program can save the manufacturer approximately ten percent (10%) of the value of the investment over the ten year life of the exemption.
ELIGIBILITY:
Only manufacturers (as identified by a NAICS code beginning with 31, 32, or 33) are eligible for the ITE Program.
ADVANCE NOTIFICATION:
The manufacturer must submit an Advance Notification if the project is to cost more than $5 million or if it is applying for another incentive program (e.g. Enterprise Zone or Quality Jobs).