News - State
Gov. Jindal signs 10 year tax break for Hornets
Posted: May 30, 2012 5:03 AM by AP
BATON ROUGE, La. (AP) - Gov. Bobby Jindal has signed into law a 10-year, $37 million tax break for the New Orleans Hornets, part of the state's deal to keep the NBA team in Louisiana.
Jindal announced the signing Tuesday, in a list of bills that he agreed to enact into law.
The bill by Jefferson Parish Rep. Cameron Henry, a Republican, extends an existing tax break that saves the Hornets $3.7 million a year through Louisiana's Quality Jobs Program. The rebate will be extended through the 2024 NBA season.
Supporters said the Hornets have a strong economic impact on New Orleans and the state. Critics argued it was inappropriate to give a multimillion-dollar tax break while also levying continued budget cuts on colleges.
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