Gulf LNG May Get Tax Breaks

Thursday, November 02, 2006
According to The Mississippi Press, there are several state and local tax incentives that Gulf LNG could seek as it proceeds with plan to construct a $600 million liquid natural gas terminal off Industrial Road. Gulf LNG, Jackson County Board of Supervisors and the Port of Pascagoula entered a sublease agreement Monday that enables the company to use 106 acres of land south of Chevron Refinery on the east side of the Bayou Casotte channel that the state leases to the Port of Pascagoula. On the state level, two tax incentives are exemptions for state corporate income tax liability and access to tax exempt bond financing. Locally, ad valorem exemptions are available.

However, under fee in lieu exemptions, governing entities (Jackson County Board of Supervisors and Pascagoula City Council) would have the legal latitude to negotiate taxes down to one-third of what the school taxes would have been under a standard exemption. Nic Elmore, assistance director for the tax assessor's office, said on a $600 million project, about $5.1 million will be generated in new ad valorem tax dollars for the county, Pascagoula School District and Mississippi Gulf Coast Community College. A property tax exemption is a tool used to help communities compete for projects. It also helps a project get up on its feet during the formative years of development so it could be productive and competitive long-term. Source: The Mississippi Press

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

LNG

CNOOC Acquires Asia's 1st LNG Powered Tug

China National Offshore Oil Corporation (CNOOC) has taken delivery of Asia’s first tugboat Hai Yang Shi You 525, designed to operate solely on liquefied natural gas as ship’s fuel.

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1096 sec (9 req/sec)