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Lafayette councils approve tax breaks for Opportunity Zone projects

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Posted at 3:04 PM, Feb 05, 2020
and last updated 2020-02-05 16:04:19-05

LAFAYETTE, La. - City and parish councils jointly approved property tax breaks Tuesday night for two commercial renovation projects already in progress, according to The Advocate.

The University Place housing complex and the former Park Place Surgery Center could be among the first properties to benefit from the federal Opportunity Zone and the state's Restoration Tax Abatement program.

The properties were purchased by new owners last year, prior to passage of the new law expanding the abatement program to Opportunity Zones.

The Advocate reports that the state's Board of Commerce and Industry must give its approval to finalize the abatements.