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April 26, 2018

Will $1.5B in tax breaks land a $9.4B plastics factory in Louisiana?

By JANET McCONNAUGHEY
Associated Press

NEW ORLEANS — State and local governments in Louisiana have offered an estimated $1.5 billion in incentives to persuade a Taiwanese company to locate a $9.4 billion plastics complex along the Mississippi River upstream from New Orleans, Louisiana's secretary of economic development said.

The package includes about $1.4 billion in local property tax exemptions for the Formosa Petrochemicals Corp. subsidiary that would build and run the plant, Secretary Don Pierson said in a statement emailed Monday night.


 
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