" While the pandemic downturn hit the oil industry hard, Valero Energy has taken advantage of many of the bailout programs in the CARES Act. Through the Secondary Market Corporate Credit Facility, the Federal Reserve has purchased $6 million in Valero bonds and another $11 million via its purchases of Exchange Traded Funds (ETFs). Valero also reported a tax benefit of $117 million for the first half of 2020 thanks to a CARES Act provision that allows them to apply any net operating losses to previous years’ tax burdens." [1]
Think they can afford to invest in technology to further reduce emissions, mitigate noise, and pay the local portion of property tax, regardless of any previous State Industrial Ad Valorem Tax Exemption Program (ITEP). Together with other industries, if the ITEP local taxes were paid, we wouldn't have continued referendums for more and more property taxes; we might even be able to keep all the fire stations open, rather than rotate closures at times.
"Due to an Executive Order signed by Gov. John Bel Edwards in June 2016, local school districts, sheriff departments, parishes and cities, for the first time in 80 years, will have the authority to determine for themselves whether to approve industrial tax exemptions and on what terms. " [2]
The EO only applies to new applications or when existing ITEPs renew, and is expected to be reversed through legislation or by the next State Governor.
"Louisiana Economic Development (LED), the state agency which administers ITEP and which local entities are looking to for information, has declined even to give an assessment of how much the exemptions are costing those entities at the local level." Parish-wide, lifting all ITEPs, not just one facility, was reported to return an estimated $42 MILLION and lower the average homeowner's tax bill by over $500, and lower the average business' tax bill by over $1,100 [2]
As neighbors in St Bernard Parish, we care for each other, we make groceries and send food when neighbors are sick, we share ice and drinking water and supplies after hurricanes, we offer an extension cord to the power generator or provide shelter from the heat or cold. We lift each other up and give each other hope.
These industrial neighbors need to get with the program, demonstrate respect for the human beings on the other side of the fence, and stop dragging our quality of life down.
[1] Tim Donaghy, Senior Research Specialist @Greenpeace USA
[2] Together Louisiana
