State grants Alcoa, Hydro tax exemptions
Published 12:00 am Thursday, August 23, 2001
VIDALIA, La. – A state board on Wednesday approved tax exemptions for Louisiana Hydroelectric and Alcoa’s Vidalia Works.
The actions were taken by the Louisiana Board of Commerce and Industry at its Wednesday meeting, said R. Paul Adams of the Louisiana Department of Economic Development’s Business Incentives Division.
Louisiana Hydroelectric, which operates the Sidney A. Murray Jr. Hydroelectric Station in south Concordia Parish, will get an exemption on $1,152,609 worth of equipment added to the plant last year.
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That means a tax savings of $18,800 a year for 10 years for the partnership. The exemption will not apply until 2002.
Alcoa will receive an exemption on $740,183 worth of additions to the plant. Figures on how much Alcoa will save in taxes were not available as of press time.
The exemptions were recommended for approval by the state Office of Commerce and Industry’s Screening Committee in a meeting held last month.
Approval was given even though the Concordia Parish Police Jury voted in April to recommend that the state not grant the Louisiana Hydroelectric exemption.
Some jurors noted that the partnership had already been granted a 10-year tax exemption on the hydroelectric station itself.
But Becky Lambert of the State Office of Commerce and Industry pointed out that the board can only reject a request if the company requesting the exemption is not a manufacturer or is not conducting business in the best interest of the area.
Officials of Alcoa and Louisiana Hydroelectric could not be reached for comment late Wednesday afternoon.