Louisiana Offers Fossil Fuel Exporter 'Single Largest' Local Tax Giveaway in American History
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Louisiana plans to collect no industrial property tax from the $15.2 billion Driftwood liquefied natural gas (LNG) export terminal planned for its southwest corner, state officials announced last week.
Critics say this tax break is worth $1.4 to $2.4 billion, making it one of the largest local corporate tax exemptions in American history — even larger than those offered to Amazon for its much sought-after second headquarters.
Proposed by the natural gas firm Tellurian, the Driftwood terminal, which would liquefy and export 4 billion cubic feet of natural gas a day, is one of over a dozen gas export terminals proposed around the U.S. and fueled by a glut of shale gas released by fracking. The final investment decision for Driftwood is expected in early 2019, as are decisions on two other proposed Gulf Coast export terminals.Read More
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