A. The state, in order to induce industrial development in the state, seeks to encourage the establishment of new business enterprises and the retention and/or expansion of existing businesses in this state. One of the purposes of such legislation is to enlarge job opportunities for the people of Louisiana in targeted Vision 2020 businesses. It is recognized that a similar need exists, especially in times of high levels of unemployment, to encourage existing businesses that fit the Vision 2020 profile to continue operations at existing levels and, where possible, to expand those operations.
B. It is recognized as essential to the continued growth and development of the state and to the continued prosperity and welfare of the people of the state that existing Vision 2020 businesses be encouraged to continue and expand their operations in the state. It is the purpose of this Chapter to encourage the retention and modernization of such operations in Louisiana by providing a procedure whereby the taxes imposed by the state upon such businesses may be reduced in order to accomplish the purposes of this Chapter.