Louisiana Governor Jeff Landry departed on Monday for South Korea in his first international trip to promote investment in the state. Details of the trip, including specifics on his agenda, are expected to be disclosed upon his arrival, with sources indicating that Susan Bourgeois, the secretary of Louisiana Economic Development, will accompany him. This visit underscores Landry’s commitment to strengthening Louisiana’s global economic ties—a priority he emphasized during his campaign and first months in office.
Since taking office in January, Landry has aimed to streamline and elevate Louisiana's appeal as a prime destination for investment. Earlier this year, he launched the Louisiana Economic Development Partnership, a private-sector-led board tasked with crafting a long-term investment strategy for the state, coordinating local economic development efforts, and simplifying bureaucratic processes to attract new business. In August, Landry also formed the Louisiana Ports and Waterways Investment Commission, which, under the leadership of Marc Hebert, will develop a statewide port strategy to resolve competition for limited resources among local ports. The Port of New Orleans, recently bolstered by the appointment of CEO Beth Ann Branch, recruited from the Port of Mobile, has struggled in container trade compared to regional competitors, which Landry aims to address.
While this international trip showcases Landry’s dedication to economic development, it coincides with a pivotal time for his administration domestically. Upon his return, Landry will turn his focus to a significant tax reform proposal slated for discussion in a special legislative session beginning November 6. The proposed reforms are aimed at making Louisiana more attractive for residents and investors by lowering top individual and corporate income tax rates, establishing a flat tax rate, raising the individual standard deduction, and eliminating the corporate franchise tax.
However, to balance these tax cuts, Landry’s proposal also includes the elimination of various sales tax exemptions, the renewal of an expiring 0.45-cent sales tax, the extension of sales taxes to 40 previously untaxed activities, and the discontinuation of several job incentive programs. Analysts have noted that some incentives, such as film tax credits, yield only marginal returns for every dollar spent. Lawmakers generally support the proposal’s objectives but express concerns about potential impacts on funding for local services, including schools, law enforcement, and infrastructure.
The tax package will require substantial support, needing a two-thirds majority in both the House and Senate. Landry and Revenue Secretary Richard Nelson have been actively pitching the plan to key stakeholders, including parish presidents, in hopes of building consensus. As the trip to South Korea aims to attract new business and boost the state’s economic profile, Landry faces an equally significant challenge back home in navigating his ambitious tax reform through Louisiana’s legislature.