A bill to give the New Orleans Hornets a $3.65 million per year rebate overcame a killer amendment in the Senate Revenue & Fiscal Affairs Committee today, which passed HB 1072 by Rep. Cameron Henry, R-Metairie. The annual rebate, if it ultimately passes, will make up part of the lease negotiations following the sale of the team to New Orleans Saints owner Tom Benson. The committee turned back an amendment to fund the rebate through extending tolls on the Crescent City Connection, which will expire next month. Sen. Rick Gallot, D-Grambling, said that few of his constituents attend Hornets game, to which Sen. J.P. Morrell, D-New Orleans, countered that he had never been to Grambling but still supports appropriations for the north Louisiana school. If the bill remains unamended, it is only one step away from the governor's desk.
http://businessreport.com/article/20...daily-reportPM
Bill for Hornets' Tax Rebate Update
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05-07-2012, 04:48 PM42Bill for Hornets' Tax Rebate Update
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05-07-2012, 05:09 PMda_freshness
We going to the 'ship....er...... Senate!
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05-07-2012, 05:34 PMUnknown PosterGolden.Quote:
Originally Posted by 42
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05-07-2012, 07:05 PMFlyGirl
More....
http://www.nola.com/politics/index.s...ears_sena.htmlQuote:
BATON ROUGE -- Legislation that would give the NBA's Hornets a $36.5 million tax rebate over a 10-year period as part of a new deal to keep them in New Orleans cleared a Senate committee Monday after being criticized by opponents as a raid on state funds when dollars are scarce.
The Committee on Revenue and Fiscal Affairs voted 7-2 to keep alive House Bill 1072 by Rep. Cameron Henry, R-Jefferson. The bill now heads to the Senate floor for debate.
"I am thinking we ought to change their names from Hornets to Bandits," complained Sen. Robert Kostelka, R-Monroe.
Henry said that the team is now getting paid a subsidy from the state for "empty seats" that totals almost $30 million for the next three years as well as the tax credits under the Quality Jobs program.
Henry said a newly negotiated contract bewteen the state and the NBA would end the subsidy for attendance levels and extend the job credits program througjh the Hornets' 2024 season.
Henry said that granting the tax rebate for the next decade is not that much more than what is paid now.
He said the state has signed an agreement to keep the Hornets in the Arena through 2024 with a five-year renewal option. The team is limited in the bill to no more than a 10-year tax rebate based on the jobs they create and salaries and benefits paid.
The Joint Legislative Committee on the Budget will review the jobs and tax breaks after the first five years to determine if the franchise still qualifies for the rebates.
"This is a piece of the puzzle to keep them here," Henry said.
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05-07-2012, 07:21 PMAD23forMVP
New Orleans Bandits? Add that to the list.
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05-08-2012, 12:39 PMSundayMoney
I live in north LA and it kills me to see how short sighted the reps are in the area. Instead of everyone working together and working out a deal that keeps the arena busy for alot of the year, they want to belly ache about giving a tax break. If they wouldn't have passed the bill, then the Hornets move and then the only person in the arena is the Voodoo and they don't play 41 games at home. Last time I checked no matter where at in the state you live, sales tax is collected and distributed.
I find it hilarious how seperated this state can be even when it benefits everyone. -
05-08-2012, 02:39 PM42This is all just standard stuff. Don't get too twisted up about it. They are posturing and flexing in a case where it doesn't matter.Quote:
Originally Posted by SundayMoney