A guide to help you understand the ins and outs of business in Louisiana
Louisiana is one of the five states that are located on the Gulf of Mexico. It shares its inland borders with Arkansas, Mississippi and Texas. The Pelican State’s capital is Baton Rouge, while New Orleans is the largest city. It is the 31st largest and the 25th most populated state, with approximately 4.65 million residents. The GDP in the state of Louisiana for 2019 was $256,918,000,000.
The top industries in Louisiana are manufacturing aerospace, agribusiness, automotive, energy, entertainment, software development, process industries, and water management. 5 of the top 15 largest ports in the US are located in Louisiana. Louisiana is also the second largest crude oil producer and third largest natural gas producer in the country.
In 2019, Louisiana imported $211,245,222 from Qatar. Its top imports are: Fertilizers Mineral fuel, mineral wax, bitumen substances Special classification provisions In 2019, Louisiana exported $15,580,760 to Qatar with its top exports being: Nuclear reactors, boilers, machinery, etc. Miscellaneous chemical products Organic chemicals Qatar has a special relationship with the state of Louisiana. In response to the devastation brought onto the state by Hurricane Katrina in 2005, Qatar established the Qatar Katrina Fund. The fund provided $100 million in aid for those in need across Louisiana. The Qatar Katrina Fund helped rebuild homes, provided medical care, and afforded grants to university students in financial need at Louisiana State, Loyola, Tulane and Xavier.
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The Louisiana Department of Revenue deems that all corporations and entities that derive income from Louisiana sources must file for a tax return in the state. The state has a corporate tax bracket as follows: a 4% tax for up to $25,000; 5% on the next $25,000; 6% on the following $50,000; 7% on the next $100,000; and 8% on anything beyond $200,000. Louisiana has a total of eight free trade zones, including New Orleans, Gramercy, Shreveport, Baton Rouge, two in Lake Charles and two in Morgan City. Furthermore, Louisiana has 27 incentive programs including, the Veteran Initiative (LAVETBIZ), the Motion Picture Investor Tax Credit, and the Ports of Louisiana Tax Credit Program.