POSTED: Wednesday, May 30, 2012 - 7:00pm
UPDATED: Wednesday, May 30, 2012 - 7:04pm
Baton Rouge, La (NBC33) — UPDATE - Governor Bobby Jindal has signed into law a 10-year, $37 million tax break for the New Orleans Hornets as part of the state's deal to keep the NBA team in Louisiana.
Jindal announced the signing yesterday in a list of bills that he agreed to enact into law.
The bill by Rep. Cameron Henry, R-Jefferson, extends an existing tax break that saves the Hornets $3.7 million a year through Louisiana's Quality Jobs Program. The rebate will be extended through the 2024 NBA season.
ORIGINAL STORY - At the Capitol today, the Senate sent a tax break bill to the Governor's desk that will save the New Orleans Hornets $37 million over the next 10 years.
The measure, which is supported by Governor Jindal, is part of the state's deal to the keep the Hornets in Louisiana.
The franchise recently found new local ownership when Tom Benson, also the owner of the New Orleans Saints, bought the team for $338 million.
The Bees hope to turn things around next year after finishing with the worst record in the Western Conference this past season.
Under Benson's leadership, the team is looking to rebrand the team with a new color scheme and new mascot.