INCENTIVES
Low business costs in and around Monroe gives this area a definite advantage for businesses locating here. The City of Monroe has taken a proactive stance in making the business environment even better.
Businesses can benefit from lmany lucrative tax incentives offered by both the federal government and the State of Louisiana .
- The Renewal Community is a federal designation that makes a wealth of incentives available to businesses located within its boundaries. Click here for more info (find HUD link that specifies what this offers)
- The Quality Jobs (QJ) program provides a cash rebate to companies that create well-paid jobs and promote economic development. Click here for more info: https://www.opportunitylouisiana.gov/business-incentives/quality-jobs
- The Enterprise Zone program is a jobs incentive program that provides Louisiana income and franchise tax credits to a new or existing business located in Louisiana creating permanent net new full-time jobs, and hiring at least 50% of those net new jobs from one of four targeted groups. Click here for more: https://www.opportunitylouisiana.gov/business-incentives/enterprise-zone
- The Louisiana Industrial Ad Valorem Tax Exemption Program (ITEP) is an original state incentive program, which offers an attractive tax incentive for manufacturers who make a commitment to jobs and payroll in the state. Click here for more info: https://www.opportunitylouisiana.gov/business-incentives/industrial-tax-exemption
Louisiana Economic Development requires companies to file an Advance Notification, along with the appropriate fee, before any hiring, purchasing or construction begins on a project. When a company provides Advance Notification, it is communicating to LED that it intends to take advantage of an incentive(s). The Advance Notification must be submitted for the following incentives:
- Enterprise Zone
- Quality Jobs
- Restoration Tax Abatement
- Industrial Tax Exemption
For more information on these and other incentives, visit https://www.opportunitylouisiana.gov/business-incentives for more information or contact Dean Baugh at Dean.Baugh@LA.GOV.
Online Application
LED incentives available for online application through FastLane include:
- Enterprise Zone
- Industrial Tax Exemption
- Quality Jobs
- Restoration Tax Abatement
To apply for other incentives, printable PDF applications and instructions are available for applicants. Visit the Incentives Page for more information.
Corporate Income Tax
| State (imposed annually on net taxable income after deductions): | |
First $25,000 | 4% |
Next $25,000 | 5% |
Next 50,000 | 6% |
Next $100,000 | 7% |
Next $200,000 | 8% |
Local: No corporate income tax |
Corporate Franchise/State Tax
State (imposed annually on both domestic and out of state corporations): |
|
First $25,000 | 4% |
Next $25,000 | 5% |
Next 50,000 | 6% |
Next $100,000 | 7% |
Next $200,000 | 8% |
Local: No corporate franchise tax |
Sales Tax
The City of Monroe’s Tax and Revenue Division is the collector of all sales/use taxes in the parish. |
|
State | 5% |
Monroe | 10.99% |
Richwood | 10.5% |
Sterlington | 11.5% |
West Monroe | 10.99% |
East Ouachita Parish | 9.6% |
West Ouachita Parish | 10.6% |
Property Taxes
Ouachita Parish: 79.11 – 136.38 mills |
Method of computation: Fair Market Value times millage rate |
Frequency of Appraisal: Personal Property – every year |
Real Property: Every four years |
Tax Base (Assessment Ratio): 10% on land and residential; 15% on all other property |
No State Property Tax |
Personal Income Taxes
State (imposed annually on net taxable income after deductions): |
|
First $10,000 | 2% |
Next $20,000 | 4% |
Over $30,000 | 6% |
Local: No personal income tax |
