Quality Jobs Program
The Quality Jobs Program promotes economic development by encouraging businesses to create well-paid jobs. The company can qualify for wage rebates of up to 6% for 5 years with a renewal of 5 more years possible subject to conditions.
For new direct jobs which pay at least $14.50 / hour in wages and healthcare benefits, the benefit rate is 5%; for new direct jobs which pay at least $19.10 per hour in wages and healthcare benefits, the benefit rate is 6%
To qualify a business must be in one of the following six Vision 2020 cluster industries:
- Biotechnology and Biomedical
- Software, Internet & Telecommunications
- Environmental Technology
- Food Technology
- Advanced Materials;
OR, be a Manufacturer, NAICS Codes 113310, 211, 213111, 541360, 311-339, 511-512, or 54171;
OR, be an Oil and Gas Field Service Business, NAICS Code 213112, and must pay at least $30,000 annually for each new direct job created and business located in Louisiana is the national or regional headquarters of a multi-state business including Louisiana and the Gulf of Mexico;
OR, be a business that must or will have sales of at least 50% of its total annual sales to out of state customers or buyers, and/or to in-state customers or buyers if the product or service is resold by the purchaser to an out of state customer or buyer for ultimate use, or to the federal government.
- The company must provide a basic health care insurance plan to the individuals it employs in new direct jobs meeting the state's definition and having a value of at least $1.25/hour.
- Must pay at least $14.50/ hour in wages and qualifying healthcare benefits.
- Example: XYZ Company creates 50 new jobs with a new annual payroll of $2,000,000. The rebate back to the company could be as high as $1,200,000 ( 6% or $120,000 a year for 10 years).
- Be located in an area the Department of Economic Development designates to be a distressed region.
- The company has the option of receiving a rebate of State sales/use tax on materials purchased for new infrastructure, machinery, and equipment purchased during the construction period and used exclusively on site or a Refundable Investment Tax Credit equal to 1.5% of capitalized investment minus cost of land, interest, existing building acquisition costs, and the portion of manufacturing equipment that is exempt under Sales/Use tax laws.
- The program can not be used in conjunction with a several other incentive programs which are listed in the rules.
- Rules and more information>>
Corporate Jobs Tax Credit Program
The Corporate Jobs Tax Credit Program provides credits of up to $225 per new worker. The credits can be used to satisfy state corporate income taxes and are an alternative option to the benefits of the state's industrial property tax exemption program and Enterprise Zone program benefits.
Workforce Development Training Program
The Workforce Development Training Program provides customized pre-employment and workforce upgrade training to existing and prospective businesses. The program can underwrite up to $250,000 of the cost of specialized training for an existing job in a specific project. For a Fact Sheet detailing the available benefits, click here. Additional information can be found on Louisiana Economic Development's website, click here: http://www.oedc.org/images/workforce_dev_fact_sheet.pdf
Incumbent Worker Training Program (IWTP)
Louisiana boasts the largest existing worker training program fund in the country. The $50 million fund assists existing businesses in upgrading the skills of their employees to meet the demand for greater skill sets. For more information on the Louisiana IWTP, click here. http://www.laworks.net/Downloads/IWTP/IWTP_SBET_Overview.pdf
Basic Skills Training Tax Credit
A $250 tax credit per participating employee in a basic skills course (not to exceed $30,000 total for one business or enterprise in a particular year) may be applied to state income tax or state corporation franchise tax liability for up to three years. Basic skills training is any employer-paid training which enhances reading, writing, or mathematical skills at leas to the eight grade level.