Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 27 - Technology Commercialization Credit and Jobs Program › Section I-2703 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Terms not
				otherwise defined in this Chapter shall have the same meaning given to them in
				R.S.
				51:2352 unless the context clearly requires
				otherwise.
B. In this Chapter, the
				following terms shall have the meaning provided in this Section, unless the
				context clearly requires otherwise.
Basic Health Benefits Plan
- a health
				  benefits plan which shall be determined by the Department of Economic
				  Development to have a value of at least $1.25 per hour; shall include coverage
				  for basic hospital care, and coverage for physician care; and shall include
				  coverage for health care, which shall be the same coverage as is provided to
				  employees employed in a bona fide executive, administrative, or professional
				  capacity by the employer who are exempt from the minimum wage and maximum hour
				  requirements of the federal Fair Labor Standards Act,  29 U.S.C.A. §
											201  et
				  seq.
Commercialization
- the development of a
				  technology into a commercial product by going through the process of
				  prototyping, securing funding, and other steps necessary to get the final
				  product to the marketplace. Commercialization begins after a technology has
				  been reduced to practice and the company is proceeding to develop a commercial
				  market.
Commercialization Costs
- investment in
				  machinery and equipment, all expenditures associated with obtaining the rights
				  to use or the use of technology, including fees related to patents, copyrights,
				  and licenses, payments to Louisiana universities for research agreements, and
				  payments to third-party Louisiana research or clinical trial companies.
Credit Certification
- a certification by DED
				  of the amount of the technology commercialization credit earned by a taxpayer
				  for a particular tax year.
DED
- Louisiana Department of Economic
				  Development.
Eligibility Certification
- a certification
				  by the DED that a taxpayer is eligible to earn technology commercialization
				  credits.
LDR
- Louisiana Department of Revenue.
Machinery and Equipment
- machinery or
				  equipment that is a capital asset used in a trade or business subject to
				  depreciation under federal tax law that is placed in service and used in
				  Louisiana.
New Direct Job
- employment in Louisiana of
				  an employee working an average of at least 30 hours per week, who was not
				  previously on the
taxpayer's
payroll in Louisiana, nor
				  previously on the payroll of the
taxpayer's
parent entity,
				  subsidiary, or affiliate in Louisiana, or previously on the payroll of any
				  business whose physical plant and employees are substantially the same as those
				  of the
taxpayer
in Louisiana and meets the following
				  requirements:
a. the employee shall occupy a job which did not exist in
				  Louisiana prior to the fiscal year of the
taxpayer
during
				  which the
taxpayer
filed an application for eligibility to
				  earn tax credits pursuant to
				  §2705 below.
b. shall not mean any job that is a result of job shifts due
				  to the gain or loss of an in-state contract to supply goods and services.
New direct job
shall not mean any employees who were retained
				  following the acquisition of all or part of an in-state business by an
				  employer.
Taxpayer
- a natural person, business,
				  corporation, or other business entity that seeks to or has become qualified to
				  claim a credit on any income or corporation franchise tax liability against
				  taxes owed to Louisiana.
Technology
- the product or intellectual
				  property owned or research sponsored at a regionally accredited college,
				  technical school, or university located in Louisiana or any product or
				  intellectual property to which significant development or enhancement occurred
				  in Louisiana
Technology Commercialization Credits
-
				  credits against Louisiana income or corporation franchise taxes that are earned
				  by a taxpayer for investment in commercialization costs.
Technology Jobs Credit
- credits against
				  Louisiana income or corporation franchise taxes that are earned by a taxpayer
				  for new direct jobs.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  51:2353.B.(1)