Legislative Session Report
LOUISIANA REALTORS • June 22, 2017
Norman Morris, CEO provides a short video recap of REALTOR® wins from the 2017 Legislative Session. LR was successful at preventing new sales tax on services as well as passing legislation that penalizes those that practice without a license.
There were no new taxes passed in the recent session. The inventory tax, manufacturing machinery and equipment tax, sales tax on utility, sales tax on services, commercial activity tax (gross receipts tax) and all of the other tax increase proposals failed. Many of the same issues will probably come up in a special legislative session. To read a full summary of all tax-related legislation compiled by Jim Harris of Harris, DeVille & Associates, click here.
Louisiana REALTORS® CEO Norman Morris issued the following statement after SpaceX announced plans to invest $100 billion in a new launch facility in Vermilion Parish. The project is expected to create 3,000 direct jobs and more than 8,100 indirect jobs across Acadiana. “SpaceX’s investment is an extraordinary economic win for Louisiana. We congratulate Governor Jeff Landry, Louisiana Economic Development Secretary Susan Bourgeois, Vermilion Parish leaders, and everyone who helped bring this historic project home. The housing and infrastructure improvements needed to support more than 11,000 new job opportunities should generate a huge economic boost to the Acadiana and Gulf Coast region. According to the National Association of REALTORS®, each typical Louisiana home sale generates approximately $88,600 in economic activity. Even if only half of the new SpaceX related jobs lead to a home purchase, the impact would generate nearly half a billion dollars across our state's economy. That improves our tax base and school systems, and ripples through our economy touching builders, bankers, hardware stores, appliance dealers, contractors and so many more. “Housing is not downstream of economic development; it is an essential infrastructure. Louisiana REALTORS® and our partners stand ready to help turn these new jobs into homes, stronger communities and lasting roots in Louisiana. Economic development creates jobs, but housing turns those jobs into homes. Let’s make Louisiana home again, together.” Economic-impact estimates are illustrative calculations by Louisiana REALTORS® using employment projections from Louisiana Economic Development and the National Association of REALTORS®’ estimated economic impact per typical Louisiana home sale. They are not forecasts or recurring annual-impact figures. Enjoy the video below from the Louisiana Department of Economic Development .
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