Tax & Accounting Blog

City Council Approves Tax Incentives for Costco

Indirect Tax, ONESOURCE, Sales and Use Tax July 29, 2012

The New Orleans city council unanimously approved reimbursing the Costco on South Carrollton $3.3 million dollars over the next 5 years.  This reimbursement is intended to repay Costco for the expenses required to elevate this Costco site to meet FEMA requirements.  According to the terms agreed upon by the city council, the reimbursement will be funded by setting aside 40% of the sales tax revenue the store generates over its first 5 years.  Costco will be receiving equal payments of $660,000 each year.

Tags: ,