City gets economic development boost
Kostelka said tax increment districts were created to allow local governments to keep some of their sales tax funds and apply those funds toward economic development.
“A base line is drawn and any sales tax collected over that amount is split, with 40 percent going to the district and 60 percent to the state,” Kostelka said. “Normally, 100 percent of those funds would have gone to the state.”
Downs and Gallot introduced legislation to grant the extensions in the Louisiana House, while Kostelka handled the bill on the Senate side.