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Federal tax credits available locally
Millions of dollars in federal tax incentives available to Franklin Parish businesses are not being used, and that is why the Northeast Louisiana Economic Alliance (NELEA) has scheduled a meeting in Winnsboro, to educate business owners and managers on the incentives.
A "Mobile Economic Summit" will be held on Friday, January 18 at 11 a.m. and again at 1 p.m. in the parking lot of KenCoil, at the former McLemore plaza. The sessions will be held in the Louisiana Business and Technology Center's LSU mobile classroom.
According to information from NELEA, the tax incentives are in place to encourage businesses to "hire local people, upgrade equipment, improve structures and maximize profits."
Franklin is one of 25 rural parishes designated as a "Renewal Community" and businesses here have access federal funds to spur economic growth and expansion.
"The goal is to make those businesses aware of the million of dollars in cash incentives that are available through this program," stated Tana Trichel, president and CEO of NELEA and state chairperson of the "Tax Incentive to Cash Incentive Campaign."
As an example of how the incentives work, according to Dun and Bradstreet, a worldwide company that provides business information, there are 16,000 employees in the 25-parish Renewal Community program. If half of those employees – 8,000 – were claimed by the businesses they work for with one of four available tax credits, the result would be up to $1,500 in tax credits per employee, generating some $12 million a year in total tax savings for the employers.
Trichell, along with Don Mains, chairman of Louisiana Tax Incentive, will conduct the one-hour meetings. Business owners utilizing the tax incentives will also attend and offer they insights into the program.
The meetings are free and open to the public, however space is limited and preregistration is encouraged by contacting Michelle Boothe at 1-800-757-3033, ext. 16.
Other stops of the Mobile Economic Summit will be Marksville on Jan. 14, Arcadia on Jan. 15, Jonesboro on Jan. 16 and Delhi on Jan. 17.
The program is sponsored by the cities of Winnsboro, Marksville, Arcadia, Jonesboro and Delhi, NELEA, Entergy, Louisiana Economic Development; City of New Orleans; Franklin State Bank; Concordia Bank and Trust; Renewal Inc.; Louisiana Tax Incentives LLC; and Louisiana Business and Technology Center at LSU's E. J. Ourso College of Business. |
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