Opportunity Zones encourage economic development

Areas in SW La . are eligible for preferential tax treatment

The city of Lake Charles and the Southwest Louisiana Economic Development Alliance hosted a panel on Monday to discuss Opportunity Zones — economically distressed communities that are eligible for preferential tax treatment when investors pursue new developments.

Eight tracts of land in Calcasieu, Allen, Beauregard and Jeff Davis parishes are eligible for the investment incentive, said Mandi Mitchell, Louisiana Economic Development assistant secretary.

Opportunity Zones in Calcasieu include areas of North Lake Charles, the downtown lakefront district, Nellie Lutcher Cultural District, commercial areas along Broad Street, South Martin Luther King Highway and the distressed area along Interstate 210, including Chennault International Airport and Sowela Technical Community College.

Mayor Nic Hunter said the zones represent lucrative economic development tools for large and small businesses.

“The city of Lake Charles has become more aggressive than ever in recent months to encourage economic development and investment in some of our underserved corridors,” he said.

Other eligible areas include the Royal Plantation Bed and Breakfast in Beauregard Parish and portions of La. 165 through Oakdale.

The tax incentives offered through the program are designed as an economic “catalyst” for state, said Jason Decuir, principal with the global tax services firm Ryan Advocacy.

“Opportunity Zones come to Louisiana during a very important time,” he said. “Louisiana, if we think about it, is still in recovery mode — 13 years after (hurricanes) Katrina and Rita, eight years after the BP oil spill and two years just after the Baton Rouge flood.”


 

For more on the Opportunity Zone program, visit opportunitylouisiana.com/ business-incentives/opportunity-zones.

””

Jason Decuir, principal with the global tax services firm Ryan Advocacy, was part of a panel to discuss Oppportunity Zones in Southwest Louisiana on Monday.

Rick Hickman

life

On Campus: SW La. students recognized for achievements

Local News

Is Tornado Alley shifting eastward? La. residents say it is

Local News

Weeklong heat wave loosens grip slightly on US Southwest but forecasters still urge caution

Local News

Impact of carbon capture project on Chicot Aquifer questioned

Business

Names in the News: People shaping the future of Lake Area business

Business

Aypa Power plans $440M solar farm in rural section of Jeff Davis, Calcasieu parishes

Jim Beam

Jim Beam column: Elections major session issue

Local News

Israel bombs UN-run school in Gaza, a day after strike on school killed 33

Crime

Hunter Biden’s daughter Naomi testifies about her father

Local News

PHOTO GALLERY: Calcasieu Kennel Club Dog Show

Local News

Police Jury considering I-10 beautification project

Crime

6/7: Calcasieu Parish Sheriff announces arrest list

life

New restaurant summer kick-off event to feature music, games

life

Coushatta Pow Wow: Annual Kinder event offers chance to experience Native American culture

life

Lake Charles Community Band concert to present tribute to Grammy winners

Local News

Port Wonder Progress: Target date for opening is mid-September

life

Fort Johnson security guard helps save neighbor’s home

Business

‘Streamlined, flexible, transparent’ ITEP process is in the works

Crime

Widow of Beau Biden tells jurors in Hunter Biden’s gun trial that she threw firearm in a trash can

McNeese Sports

Wade talks about roster

Local News

Bicyclist fatally struck near Broad Street

life

Area property owners encouraged to submit storm damage online

Local News

Only way to go is up: Kennedy says Cowgirls headed in right direction

Crime

6/6: Calcasieu Parish Sheriff announces arrest list