A Jazzy Venture

Louisiana's Dixieland music and crayfish gumbo have drawn millions of tourists over the years, but the state has had far less success in attracting new businesses and jobs. To help it compete with high-tech meccas such as California and Massachusetts, the Louisiana legislature has approved a jazzy venture-capital program. The new law, believed to be the first of its kind in the U.S., will provide income tax credits of up to 35% for individuals or companies investing in venture-capital firms in the Bayou State. Louisiana has long lacked investment money for young, speculative businesses. Much of the state's cash pool has been pumped into its oil and gas industries.

The new incentive is expected to produce up to $100 million in investments over the next five years. Since the program is aimed specifically at high-tech businesses, the tax break excludes such industries as real estate, banking, oil and gas. Otherwise the state has put few restrictions on the money. Says Governor David Treen: "Other states have placed the decision making in the hands of government, which then tangles the programs in red tape." In Louisiana, it will be up to private investors to pick winners. This file is automatically generated by a robot program, so viewer discretion is required.