CF Industries seeking tax abatement for planned growth
CF Industries, which operates a complex on the west bank of Ascension Parish, would avoid paying 80 percent of its property tax liability for up to a decade in exchange for the proposed "green ammonia" nitrogen plant's $122 million cost and five new jobs.
CF Industries, based in Deerfield, Ill., produces fertilizer and has been de-carbonizing its ammonia production network to reduce greenhouse gas emissions.
Abatements are given to incentivize industrial growth and bring about increased economic opportunities. It requires the approval of Gov. John Bel Edwards, the state's Board of Commerce of Industry, and local tax authorities.
Some economists have been skeptical of such tax programs as the results of such plans have not always met expectations.
CF Industries has committed to creating five jobs with average salaries of $100,000 annually.
The parish's school board is expected to vote on the resolution Nov. 24.