by Stephen Waguespack, President and CEO of Louisiana Association of Business and Industry
As a dad, one of my duties at home is to be a “fix-it” guy. While I may not be the handiest person out there, I can usually put some “MacGyver-esque” skills to the test and find a solution to a wide range of challenges around the house. I’ve replaced a doorbell, repaired a few windows, laid down some tile, fixed a garage door opener, hung a few ceiling fans and kept an old AC unit running for a few years longer than it ever should have lasted. I can open a wine bottle with a shoe (seriously) and once repaired some reading glasses with a chopstick. You shouldn’t hire me to build your dream home, but I can usually cobble together a workable solution or two for a project around the house when needed.
So, let the olympic-sized Louisiana legislative fiscal debate match begin!
On Monday, the Louisiana legislature convenes at the state Capitol for another special fiscal session to make an attempt to fix, what we might call, the always-existing revenue hole fiscal cliff.
That Gov. John Bel Edwards endorsed sham “tax reform” in his
recent special session call becomes all the more apparent when another example surfaced of Louisiana’s subpar fiscal policy.
In the days prior to the session’s launch next week, the state announced Gameloft would close its New Orleans office, reneging on a deal to bring more jobs to the state. This meant it gave away nearly a million dollars over the past seven years to the gaming firm under the Digital Interactive Media and Software Tax Credit, or almost $25,000 per job created. The total amount actually comes close to $2 million, but the state plans on clawing back over half.