A eight-company delegation from the World Trade Center of Montreal, Quebec will be visiting New Orleans April 23-25 to develop business opportunities in the region through pre-arranged one-on-one appointments with local stakeholders involved in the reconstruction process in New Orleans and surrounding parishes. New Orleans-area architects, engineers, general contractors, developers, importers and other interested companies are encouraged to take advantage of this timely opportunity to meet with the Canadian construction-sector companies representing the following product lines:
• AXEM Alliance - A consortia of corporations specializing in custom manufacturing of complex metal work for the industrial and commercial sectors.
• Beaubois -Manufacturer of high-end custom woodwork, wood & plastic laminated casework, wood trim, wood paneling, and custom wood door and frame for institutional & public buildings.
• C. Lévesque, Ltd. - Manufacturers of naturally ventilated aluminum and glass windows used primarily for governmental institutions.
• Gamma USA - Fabricators and installers of custom designed curtain walls and windows for office and commercial buildings and condominiums.
• Groupe N.E.T. Tech Plus - Service provider of stainless steel chemical cleaning and metal surface finishing.
• Lambton Doors - Leading manufacturer and exporter of high-quality, value-added interior doors for the commercial, institutional and architectural.
• LP Sourcing - Manufacturer of hardwood flooring, including solid hardwood, bamboo flooring and engineer flooring in various colors, sizes and species.
• Orbi Construction Group, Inc. - Orbi provides quality fabrication and installation services for complex architectural metal and structural steel projects.
The delegation's visit is being organized by World Trade Center Montréal, a team of international trade experts from the Board of Trade of Metropolitan Montreal, in collaboration with the Ministère du développement économique, de l’Innovation et de l’Exportation (MDEIE). The World Trade Center of New Orleans and the Honorary Consulate of Canada are the host organizations for the mission. For more information on the companies, visit www.wtcno.org/email/canada-participants.pdf. For details about the visiting Canadian companies and to register for individual meetings to be scheduled from 9:30 a.m. to 5:30 p.m. on Thursday, April 24, please call Marisol Canedo at (504) 304-0404 or via email at mmdh4ever@hotmail.com.
New Orleans Downtown Development District
According to the web site of the Downtown Development District of New Orleans, there are federal and state tax incentives for the district.Here are their list of federal incentives:
The Downtown Development District's Economic Development staff is well versed in Federal Incentive Programs.
GO Zone Bonds
Tax-exempt private activity bonds, called Gulf Opportunity Zone bonds or GO Zone bonds can be authorized prior to 2011 for the purpose of financing the construction and repair of real estate and infrastructure in the Gulf Opportunities Zone created by Hurricane Katrina. Proceeds from the GO Zone bonds can be used for repairs and construction of both residential and nonresidential real property as well as for public utility projects. Qualified GO Zone bonds are treated as qualified mortgage bonds or exempt facility bonds. http://www.lded.state.la.us/come-to-louisiana/business-resources/
federal-business-incentives/gulf-opportunity-zone.aspx
GO Zone Bonus Depreciation
With the GO Zone Bonus Depreciation, a taxpayer may take an additional first-year 50% bonus depreciation allowance on GO Zone property. Nonresidential real property or residential rental property must be placed in service on or before December 31, 2010. Certain tangible personal property qualifies if substantially all of the use of property is in the building and placed in service within 90 days after the building is placed in service.
Deduction is allowed for AMT purposes.
Recapture applies. Not available in conjunction with GO Zone Tax Exempt Bonds.
May be carried back up to 5 years if it results in a net operating loss.
New Markets Tax Credit
Investors in qualified projects can obtain a tax credit of five or six percent of the amount invested for each year the investment is held, for up to seven years of the credit period.
Rehabilitation Tax Credit
The 20 percent credit available for qualified expenditures of certified historic structures is increased to 26 percent. The 10 percent credit available for qualified rehabilitation expenditures with respect to buildings placed in service prior to 1936 is increased to 13 percent. The increased amounts apply to expenditures paid or incurred prior to January 1, 2009 and thereafter the 20 and 10 percent credit apply. http://www.louisianaforward.com/come-to-louisiana/business-resources/
federal-business-incentives.aspx
Here is their list of state incentives:
State Historic Rehabilitation Tax Credit
For Louisiana income and franchise tax purposes, a historic rehabilitation tax credit of 25 percent of eligible costs and expenses is available for the rehabilitation of a historic structure located in a downtown development district. The credit shall not exceed 25% of eligible costs and expenses of the rehabilitation. No taxpayer shall receive more than $5 million of credit, and this credit is transferable. http://www.crt.state.la.us/hp/fedhptaxincent.htm
Restoration Tax Abatement
Generally, if an owner improves, renovates or adds on to a building, the assessed value goes up and so do the property taxes. Under the Louisiana Restoration Tax Abatement (“RTA”) Program, the assessed value and the property assessment can be frozen at the pre-improvement level for five years, resulting in substantial tax savings. In New Orleans, the RTA can be renewed for an additional five years. The tax abatement program is available for buildings individually listed in the National Register of Historic Places or buildings that are considered historic components of Register districts. It is also available for existing buildings in downtown or economic development districts. Another important feature of the state tax abatement program is that, in most cases, the financial benefit applies to additions to a building as well as to work on the building itself, thus increasing tax savings. http://www.lded.state.la.us/come-to-louisiana/business-resources/state-business-incentives/
restoration-tax-abatement.aspx
Enterprise Zone
The Enterprise Zone program is a job incentive program that provides Louisiana income and franchise tax credits of $2,500 for each new job filled by a business hiring a minimum number of new employees. Thirty five percent of these new jobs must be filled from certain group, such as low-income or disabled individuals. A business does not have to be investing money, just creating additional jobs. The creation of jobs may result in sales/use tax rebates as well http://www.lded.state.la.us/come-to-louisiana/business-resources/state-business-incentives/enterprise-zone.aspx
On Monday, the Bureau of Governmental Research has released a report on blighted properties in New Orleans.In a press release accompanying the report, BGR has said in part, “more so than in recent memory, local government is attempting to take by the horns the untamed bull that is blight in the CrescentCity. However, as BGR’s report demonstrates, local efforts need refinement in some cases and rethinking in others. Some problems remain altogether unaddressed.Code Enforcement Reforms. Historically, the City has poorly enforced its property maintenance codes. Bolder action is long overdue. The City, recognizing the inadequacy of the existing system, has embarked on a major overhaul. That overhaul contains many positive improvements, but it also poses risks of inconsistent enforcement and continued leniency. The risks stem from provisions allowing some property owners cited for blight to avoid or delay an administrative hearing or fine.”
The full press release and report can be located on their web site at http://www.bgr.org
Just doing my part to increase the "hits" on the buzzy bored so they can generate mo advatisin dollahs................ I am scratching your back because this is.... Written by The facts of the matter..
on 4/14/2008
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