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

SportsPlus

Local News

Biden meets with his family amid pressures to step down after debate

Local News

Donation celebrated by Second Harvest, but volunteers are still needed

Local News

Grand Avenue Gym: DeQuincy landmark fading fast, group fighting to save it says

Local News

Beryl becomes major hurricane forecast to bring life-threatening conditions to Caribbean

life

Fourth of July festivities in Jennings will kick off with Stars and Stripes Festival

Local News

Ceremony held at Fort Johnson for deploying troops

Jim Beam

Jim Beam column:Don’t expect new candidates

life

SW La. nightlife calendar: There’s always something to do

life

USAF Band of the West making Lake Charles stop

high-school Sports

Upgrades planned for Jerry Simmons football stadium in Jennings

Crime

Lafayette teen charged in Ernest Street fatal shooting

Crime

6/28: Calcasieu Parish Sheriff announces arrest list

Local News

Longhorns make quite a statement to the SEC

Local News

Bicyclist fatally struck after allegedly running stop sign

Local News

PHOTO GALLERY: Stitch Guillory sworn in as sheriff

Local News

Sheriff Guillory: ‘I am living MLK’s dream’

Local News

Supreme Court allows cities to enforce bans on homeless people sleeping outside

Local News

Work begins on new artificial reef off Cameron coast to provide habitat

Local News

Trump, Biden square off for the first time in the 2024 election season

Business

One step closer for Calcasieu Pass LNG project

Local News

Landry uses line-item veto against local organization

life

Lance Burton & Friends: Get ready for a magical experience

Crime

6/27: Calcasieu Parish Sheriff announces arrest list

Local News

Zydeco in the Lake set to make a splash on Saturday