reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 35 - Retention and Modernization Program › Section I-3507 - Amount, Allocation and Limitations upon Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A. An employer earns tax credits in the
				calendar year in which the project is placed in service.
B. Certified tax credits shall be granted by
				the department at a rate of 1 percent of the amount of certified expenditures
				annually over a five year period, for a total of 5 percent of the amount of
				certified expenditures, subject to the limitations outlined in this
				section.
C. The Retention and
				Modernization Tax Credit Program has a program cap of $10 million, in tax
				credits granted per calendar year.
1. The
				department shall allocate tax credits in accordance with the terms of the tax
				credit allocation letter.
2. The
				department shall certify and grant tax credits based upon verification of
				actual expenditures and in accordance with terms of the tax credit allocation
				letter.
a. In the event that the total amount
				of credits granted in any calendar year is less than $10 million dollars, any
				residual amount of unused credits shall carry forward for use in subsequent
				years and may be granted in addition to the ten million dollar limit for each
				year.
b. In the event that the
				total amount of credits granted in any calendar year meets the $10 million
				dollar cap, any excess credits applied for will be treated as having been
				applied for on the first day of the subsequent calendar year.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 35 - Retention and Modernization Program › Section I-3509 - Application Procedures

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Beginning January 1, 2010, an applicant may apply for this program by
				submitting the following information to the department:
1. a written application;
2. supporting data as requested by the
				department, including but not limited to: independent third party reports
				verifying efficiency improvements or investments made;
3. a statement verifying that the applicant
				meets the eligibility requirements or criteria as specified in
				R.S. 51:2399.1
				et seq.; and
4. an application fee
				of 0.2 percent of the estimated tax credits, with a minimum application fee of
				$200 and a maximum fee of $5,000.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 35 - Retention and Modernization Program › Section I-3511 - Tax Credit Allocation Letter

Current through Register Vol. 50, No. 6, June 20, 2024
A. The department shall review the
				application and supporting information and determine whether to allocate tax
				credits.
1. Evaluation. When determining
				allocation of available tax credits the department shall take the following
				factors into consideration:
a. the impact of
				the project on the objectives of the Retention and Modernization
				Program;
b. the impact of the
				project on the employment of Louisiana residents;
c. the impact of the project on the overall
				economy of the state;
d. the
				availability of tax credits relative to the annual program cap and tax credits
				being requested by the applicant; and
e. the total financial impact from an
				applicant's involvement with any program administered by the
				department.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 35 - Retention and Modernization Program › Section I-3513 - Certification of Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Beginning July 31, 2011, employers seeking final certification of tax credits
				must submit to the department:
1. an audit of
				qualified expenditures incurred by the employer for modernization, certified by
				an independent certified public accountant;
a.
				qualified expenditures that could improve efficiency may include but not be
				limited to: new automation equipment, computer-driven instrumentation upgrades,
				NOX or VOC air emission reduction equipment;
b. investment in new equipment for a new
				production unit making a new or similar product may be a qualified expenditure,
				if an employer is competing for a new production line as part of a
				consolidation through competitive capital budget within family of plants either
				domestically or internationally;
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 35 - Retention and Modernization Program › Section I-3515 - Claiming of Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				After receiving a final certification letter from the department, an employer
				may claim his refundable tax credit from LDR as follows.
1. All entities taxed as corporations for
				Louisiana income or corporation franchise tax purpose shall claim any credit on
				their corporation income or corporation franchise tax return.
2. Individuals shall claim any credit on
				their individual income tax return.
3. Estates or trust shall claim any credit on
				their fiduciary income tax return.
4. Entities not taxed as corporation shall
				claim any credit on the returns of the partners or members as follows.
a. Corporate partners or members shall claim
				their share of the credit on their corporation income or corporation franchise
				tax returns.
b. Individual partners
				or members shall claim their share of any credit on their fiduciary income tax
				returns.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 35 - Retention and Modernization Program › Section I-3517 - False or Fraudulent Claims

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any person making an application, claim
				for a tax credit, or any report, return statement, invoice or other instrument
				or providing any other information pursuant to this program who willfully makes
				or who willfully aids or abets another in making such false or fraudulent
				application, claim, report, return, statement, invoice or other instrument,
				shall be guilty, upon conviction, of a felony and shall be punished by the
				imposition of a fine of not less than one thousand dollars and not more than
				$50,000, or imprisoned for not less than two years and not more than five
				years, or both.
B. Any person
				convicted of a violation shall be liable for the repayment of all credits which
				were granted to the employer. Interest shall be due on such credits at the rate
				of fifteen percent per annum.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 36:104, 36:108, and
				  51:2332 et
				  seq.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 37 - Louisiana Community Economic Development Act › Subchapter A - General Provisions › Section I-3701 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				  this Chapter is to administer the Louisiana Community Economic Development Act
				  as established by
				  R.S.
				  33:130.751 et seq. and
				  R.S.
				  47:6031.
B. The purpose of this program is to provide
				  for community development corporations and community development financial
				  institutions and to encourage economic development.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 33:130.751 et seq., and
					 47:6031.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 37 - Louisiana Community Economic Development Act › Subchapter A - General Provisions › Section I-3703 - 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.
				  33:130.751 et seq., unless the context
				  clearly requires otherwise.
B. In
				  this Chapter, the following terms shall have the meanings provided herein,
				  unless the context clearly indicates otherwise.
Award Agreement
-that agreement or contract
					 hereinafter referred to between the applicant and the department through which,
					 by cooperative endeavor agreement or otherwise, the parties set forth the
					 terms, conditions, and performance objectives of the award provided pursuant to
					 these rules.
Community Development Corporation (CDC)
-a
					 non-profit corporation which satisfies all of the requirements of
					 R.S.
					 33:130.752(1) and meets the
					 LANO standards of excellence.
Community Development Financial Institution
					 (CDFI)
-an organization which satisfies all of the requirements of
					 R.S.
					 33:130.752(2).
Department
-Department of Economic
					 Development, or their designee.
Donation
-either
inter vivos or
					 mortis causa
, in the form established by Louisiana law.
Contribution
-a gift, payment, or deposit
					 of money or anything of value, or the forgiveness of a loan or of a
					 debt.
Low Income
-an income level at or below 80
					 percent of the mean income for a family of similar size within the
					 state.
Sale Below Cost
-a contract whereby a
					 person transfers ownership of a thing to another for a price in money, in the
					 form established by Louisiana law, at a price below its appraised value, as
					 evidenced by appropriate documentation.
Secretary
-Secretary of the Department of
					 Economic Development, or designee.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 33:130.751 et seq., and
					 47:6031.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 37 - Louisiana Community Economic Development Act › Subchapter B - Certification Program › Section I-3705 - Eligibility Requirements for Certification

Current through Register Vol. 50, No. 6, June 20, 2024
A. Community Development Corporation (CDC). An applicant must meet all of the following requirements:
1. is chartered pursuant to Chapter 2 of Title 12 of the Louisiana Revised Statues of 1950;
2. is tax exempt pursuant to Section  501(C)(3) of the Internal revenue Code of 1986, as amended;
3. has a primary mission of developing and improving low-income communities and neighborhoods through economic and related development;
4. has activities and decisions initiated, managed, and controlled by the constituents of the community served;
5. does not provide credit, capital, or other assistance from public funds in an mount greater than twenty-five thousand dollars at one time or in one transaction;
6. is not a non-profit organization with the sole purpose of providing housing to neighborhoods or technical assistance to other nonprofit organizations;
7. has been certified or recertified as a community development corporation as provided in this Subpart; and
8. meets the LANO standard of excellence.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 37 - Louisiana Community Economic Development Act › Subchapter B - Certification Program › Section I-3707 - Application Procedures

Current through Register Vol. 50, No. 6, June 20, 2024
A. An
				  applicant for certification shall submit the following documents to the
				  department:
1. complete, notarized
				  certification application;
2.
				  organizational management;
a. certificate of
				  incorporation;
b. either 501(c)(3)
				  tax exempt letter or CDFI fund certification letter;
c. by-laws; and
d. program of work;
3. board information;
a. names and addresses of the partners,
				  officers, directors or trustees and those principal owners or
				  members;
b. minutes of the four
				  most recent board of directors meetings;
4. financial information;
a. a copy of the most recent financial audit;
				  and
b. a copy of the fiscal budget,
				  including year-to date expenditures;
5. business plan;
6. an application fee of $300;
7. any additional information requested by
				  the department.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 37 - Louisiana Community Economic Development Act › Subchapter B - Certification Program › Section I-3709 - Qualification

Current through Register Vol. 50, No. 6, June 20, 2024
A. The department
				  shall review the application and supporting documentation, and if necessary
				  conduct a site visit to determine qualification.
B. The department shall issue the applicant a
				  final written determination, indicating either approval or denial of
				  certification.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 33:130.751 et seq., and
					 47:6031.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 37 - Louisiana Community Economic Development Act › Subchapter B - Certification Program › Section I-3711 - Duration of Certification

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  If approved, certification shall be valid for two years from the date of
				  certification.
B. A certified CDC
				  or CDFI shall submit to the Department, on or before the anniversary date of
				  their certification; a notarized annual financial report complying with the
				  requirements of
				  R.S.
				  33:130.754(F).
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 33:130.751 et seq., and
					 47:6031.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 37 - Louisiana Community Economic Development Act › Subchapter B - Certification Program › Section I-3713 - Renewal of Certification

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Certification may be renewed for subsequent two-year periods.
B. Applicants must re-apply to the
				  department, submit all required documentation and an application fee of
				  $175.
C. The department shall
				  review the application, supporting documentation, and verify that all reporting
				  requirements have been complied with, to determine qualification for the
				  re-certification.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 33:130.751 et seq., and
					 47:6031.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 37 - Louisiana Community Economic Development Act › Subchapter B - Certification Program › Section I-3715 - Denial of Certification

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  The department shall serve notice of intent to deny certification or renewal of
				  certification, or to revoke an existing certification.
B. Such notice shall be a written
				  determination by the department, including a brief statement of the reasons
				  alleged for denial.
C. Such notice
				  shall be served by certified mail or by mail service requiring a return
				  receipt.
D. A denied applicant may
				  request a hearing within 30 days of receiving notice, by filing a written
				  request for hearing with the department.
1.
				  Such hearing shall be conducted pursuant to the provisions of the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et seq.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter A - Investor Tax Credit › Section I-3901 - Purpose and Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Purpose
1. The primary purpose of this
				  Subchapter is to encourage private investment in public port facilities in
				  Louisiana. The development, improvement, expansion, and maintenance of the
				  state's ports and port infrastructure facilities, is essential to Louisiana's
				  economic health and the ability of business and industry associated with the
				  maritime industry to compete cost effectively on a regional, national, and
				  global scale.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter A - Investor Tax Credit › Section I-3903 - Preliminary Certification

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Preliminary certification of the project is the initial step in the tax credit
				  process. An application for preliminary certification as a qualifying project
				  must be submitted to LED prior to the start of the project.
B. The application for preliminary
				  certification shall include the following information:
1. a detailed project description;
2. a preliminary budget including the
				  following information:
a. the estimated
				  capital costs; and
b. the estimated
				  Louisiana payroll;
3.
				  the estimated start date and the estimated completion date;
4. an explanation of why the proposed project
				  is a qualifying project;
5. the
				  names of each investing company or the name or names of the investors to become
				  entitled to the tax credit;
6. a
				  copy of the cooperative endeavor agreement between the investing company and
				  the public port in whose geographic jurisdiction the proposed qualifying
				  project is to be located indicating cooperation and support among all of the
				  parties;
7. any additional
				  information required by LED;
8.
				  project plans, specifications, contracts, purchase orders and other appropriate
				  design and/or expenditure documentation; if the foregoing information is not
				  made available to DOTD during preliminary certification, then the project
				  owner/sponsor must provide these items to DOTD prior to project
				  construction.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter A - Investor Tax Credit › Section I-3905 - Certification of Sufficient Revenue

Current through Register Vol. 50, No. 6, June 20, 2024
A. After receipt of the LED preliminary
				  certification and economic impact analysis, the COA shall review the project
				  and determine whether a certification of sufficient revenue may be issued.
1. COA may issue a certification if he finds
				  that there will be sufficient revenue received by the state to offset the
				  effect to the state of the tax credits as a result of either:
a. increased port activity because of grant;
				  or
b. otherwise.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter A - Investor Tax Credit › Section I-3907 - Certification of Qualifying Expenditures

Current through Register Vol. 50, No. 6, June 20, 2024
A. After approval of the certification of
				  sufficient revenue, the applicant may submit a request to LED for certification
				  of qualifying expenditures as follows:
1. The
				  applicant must submit a cost report to LED prepared by an independent certified
				  public accountant and prepared in accordance with generally accepted accounting
				  principles.
2. DOTD shall inspect
				  the site and verify that the capital costs expenditures were made by verifying
				  that the project components identified in the detailed project description are
				  complete and in place
3. LED may
				  require an additional audit by an LED-selected CPA, the cost of which shall be
				  reimbursed by applicant.
4. LED
				  shall determine and certify qualifying expenditures.
5. Qualifying expenditures shall be certified
				  by LED no more than twice for a project, unless the applicant reimburses LED
				  for the cost of additional certifications.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter A - Investor Tax Credit › Section I-3909 - Certification of Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  LED may issue a certification of tax credits to the Applicant only after all of
				  the following have occurred.
1. LED has
				  certified the project as a qualifying project.
2 COA has issued a certification of
				  sufficient revenue, which has been approved by both JLCB and SBC.
3. LED has certified qualifying
				  expenditures.
6. The applicant has
				  reimbursed any audit and additional certification costs.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter A - Investor Tax Credit › Section I-3911 - Claiming Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A. All
				  entities taxed as corporations for Louisiana income tax purposes shall claim
				  any credit allowed under this Subsection on their corporation income tax
				  return.
B. Individuals, estates,
				  and trusts shall claim any credit allowed under this Subsection on their income
				  tax return.
C. Entities not taxed
				  as corporations shall claim any credit allowed under this Subsection on the
				  returns of the partners or members as follows.
1. Corporate partners or members shall claim
				  their share of the credit on their corporation income tax returns.
2. Individual partners or members shall claim
				  their share of the credit on their individual income tax returns.
3. Partners or members that are estates or
				  trusts shall claim their share of the credit on their fiduciary income tax
				  returns.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter A - Investor Tax Credit › Section I-3913 - Recapture and Recovery of Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A. Recapture
1. If LED finds that funds for which an
				  investing company received tax credits were not expended as qualifying
				  expenditures, LED shall notify the investing company and reissue the tax
				  certification letter to LDR within 15 days of the discovery. The investing
				  company's state income tax liability for such taxable period shall be increased
				  by an amount necessary for the recapture of the tax credits allowed. LED may
				  delegate its audit authority to LDR.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter A - Investor Tax Credit › Section I-3915 - Termination of Program (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY
					 NOTE: Promulgated in accordance with
					 R.S.
					 47:6036.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter B - Import-Export Tax Credit › Section I-3921 - Purpose and Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Purpose
1. The primary purpose of this
				  Subchapter is to encourage the use of state port facilities in Louisiana. The
				  utilization of public port facilities for the import and export of cargo to or
				  from distribution, manufacturing, fabrication, assembly, processing, or
				  warehousing sites in Louisiana is essential to Louisianas economic health and
				  the ability of business and industry associated with the maritime industry to
				  compete cost effectively on a regional, national and global scale.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter B - Import-Export Tax Credit › Section I-3923 - Application

Current through Register Vol. 50, No. 6, June 20, 2024
A. An international
				  business entity submitting an application is eligible to receive tax credits
				  for certified tonnage following preliminary certification by LED, certification
				  of significant positive economic benefit by the COA, approval of JLCB, approval
				  by SBC and final certification by LED.
B. No applications will be received for
				  import-export tax credits prior to July 1, 2014.
C. Applications may be filed after January 1
				  of each year for qualified cargo shipped during the immediately preceding
				  calendar year.
D. No more than one
				  application may be filed by an applicant for a calendar year, and shall include
				  all qualified cargo for that calendar year
E. The application shall include the
				  following information:
1. a verified
				  statement of baseline tonnage;
2. a
				  verified statement of qualified cargo specifically including:
a. total annual volume and tons of breakbulk
				  or containerized cargo exported from or imported to a Louisiana
				  facility;
b. all shipping Louisiana
				  expenditures directly associated with imports or exports through Louisiana
				  public ports, and general freight charges, or a distribution of those
				  expenditures that can be identified as Louisiana expenditures across the
				  following six key shipping-related categories:
i. international shipping, which are those
				  Louisiana expenditures for shipping between the Louisiana port and
				  international locations such as pilotage, tugs, harbor fees, linement and
				  dockage;
ii. water transportation,
				  which are those Louisiana expenditures for intrastate shipping by barge or
				  other vessel;
iii. truck
				  transportation, which are those Louisiana expenditures for intrastate
				  transportation by road;
iv rail
				  transportation, which are those Louisiana expenditures for intrastate
				  transportation by rail;
v.
				  warehousing and storage, which are those Louisiana expenditures for wharfage,
				  stevedoring, drayage, warehousing, storage, and other loading and unloading
				  charges;
vi. blast freezing, which
				  are those specific Louisiana expenditures for freezing or other cold
				  storage;
c. any
				  additional information required by LED.
3. The applicant must retain documentation
				  supporting the information in the verified statement for a three-year period.
				  Upon good cause, all books and records of the applicant relating to the
				  application shall be subject to audit by LED, at applicants expense.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter B - Import-Export Tax Credit › Section I-3925 - Preliminary Certification

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  LED shall review the application and determine:
1. eligibility of the applicant;
2. certified tonnage; and
3. the estimated significant positive
				  economic benefit of the cargo shipment, taking into consideration:
a. the nature of the cargo as either
				  containerized or breakbulk;
b.
				  transit of the cargo across the docks of a Louisiana public port;
c. the origination and terminus of the cargo
				  from or to a Louisiana or international location;
d. the impact of the cargo shipment in
				  promoting port and harbor activity;
e. the impact of the cargo shipment on the
				  employment of Louisiana residents;
f. the impact of the cargo shipment on the
				  overall economy of the state.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter B - Import-Export Tax Credit › Section I-3927 - Certification of Significant Positive Economic Benefit

Current through Register Vol. 50, No. 6, June 20, 2024
A. The COA shall review the application, LED
				  preliminary certification and economic analysis, and determine whether a
				  certification of significant positive economic benefit may be issued.
1. COA may issue a certification if he finds
				  that there will be significant positive economic benefit received by the state
				  to offset the effect to the state of the tax credits as a result of either:
a. increased port activity because of grant;
				  or
b. otherwise.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter B - Import-Export Tax Credit › Section I-3929 - Final Certification

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  The secretary of LED (or his designated program administrator) shall issue a
				  final certification of tax credits in the amount certified by the COA and
				  approved by JLCB and SBC, and deliver copies to the applicant and
				  LDR.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 47:6036.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter B - Import-Export Tax Credit › Section I-3931 - Tax Credit Limitations

Current through Register Vol. 50, No. 6, June 20, 2024
A. Tax
				  credits shall be issued on a first come, first served basis, based upon the
				  date of final certification.
B. No
				  applicant shall receive a final certification of tax credits under this program
				  in an amount greater than $1,800,000 for certified cargo in any calendar
				  year.
C. LED shall not issue final
				  certification of tax credits under this program in a total amount for all
				  applicants greater than $4,500,000 in any single fiscal year.
D. Applications exceeding the limitations
				  provided in this Section will be deemed reduced to the applicable
				  limits.
AUTHORITY
					 NOTE: Promulgated in accordance with
					 R.S.
					 47:6036.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter B - Import-Export Tax Credit › Section I-3933 - Claiming Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  There shall be allowed a credit against the individual income, corporate
				  income, and corporation franchise tax liability of a taxpayer who has received
				  a final certification from LED, provided that the credit shall be allowed only
				  against the tax liability of the international business entity which receives
				  the certification.
B. Tax credits
				  are earned in the tax year in which LED issues final certification.
C. The first year in which tax credits may be
				  claimed against taxes is the tax year in which the tax credits are
				  earned.
D. If the tax credit
				  allowed exceeds the amount of taxes due for the tax period, then any unused
				  credit may be carried forward as a credit against subsequent tax liability for
				  a period not to exceed five years.
E. The applicant shall attach the final
				  certification to its return when claiming the credits.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 47:6036.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter B - Import-Export Tax Credit › Section I-3935 - Audit, Recapture and Recovery of Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A. Recapture. If LED finds that tax credits
				  have been improperly issued, LED shall issue a revised final certification
				  disallowing the improperly issued tax credits and send copies thereof to the
				  applicant and LDR. The applicants state income tax liability for such taxable
				  period shall be increased by an amount necessary for the recapture of the tax
				  credits allowed.
B. Recovery.
				  Credits previously granted to an applicant, but later disallowed, may be
				  recovered by LDR through any collection remedy authorized by
				  R.S.
				  47:1561 and initiated within three years from
				  December 31 of the year in which the credits were earned.
C. Interest. Interest may be assessed and
				  collected, at a rate of three percentage points above the rate provided in R.S.
				  39:3500(B)(1), which shall be computed from the original due date of the return
				  on which the credit was taken.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 47:6036.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter B - Import-Export Tax Credit › Section I-3937 - Termination of Program (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY
					 NOTE: Promulgated in accordance with
					 R.S.
					 47:6036.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter B - Import-Export Tax Credit › Section I-3999 - Applicability of Act 125 of the 2015 Legislative Session to the Ports of Louisiana Tax Credits (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY
					 NOTE: Promulgated in accordance with
					 R.S.
					 47:6036.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter C - Louisiana Import Tax Credit › Section I-3945 - Purpose and Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Purpose
1. The primary purpose of this
				  Subchapter is to encourage the use of Louisiana public port facilities for
				  cargo imports which in turn will foster the development of new port
				  infrastructure facilities for the manufacturing, distribution, and warehousing
				  of imported goods.
2. This program
				  presents a streamlined and efficient method for applying for and utilizing tax
				  credits for imports that place Louisiana in an equal position with competing
				  states' that have similar programs in place to incentivize the growth of cargo
				  imports.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter C - Louisiana Import Tax Credit › Section I-3947 - Eligibility

Current through Register Vol. 50, No. 6, June 20, 2024
A. The applicant
				  must be a port facility user engaged in the manufacturing, warehousing, or
				  distribution of goods imported through Louisiana public ports whose primary
				  function is identified by one or more of the NAICS sector codes of 31-33, 42,
				  or 493.
B. The applicant shall be a
				  port facility user that imports more than 50 TEUs of cargo through Louisiana
				  public ports annually or if a new port facility user, then the applicant shall
				  submit a projection of its annual anticipated actual cargo volume, which must
				  exceed 50 TEUs.
C. The applicant
				  shall increase its imported cargo volumes by at least one hundred and five
				  percent during its port credit incentive period as compared to imported cargo
				  volumes during its base cargo volume period.
1. For example, if an applicant established a
				  baseline cargo volume of 250 TEU's, a minimum of an additional 12.50 in TEU's
				  (5 percent) would be required during the incentive period, for a total of
				  262.50 TEU's (105 percent of base cargo volume).
2. Tax credits shall be calculated based upon
				  the additional, net new TEU only.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter C - Louisiana Import Tax Credit › Section I-3949 - Application

Current through Register Vol. 50, No. 6, June 20, 2024
A. A port facility
				  user seeking to obtain port tax credits shall file an application with LED
				  before commencement of the port credit incentive period or project to include
				  the following information:
1. indication of
				  which type of port credit is being sought:
a.
				  port credits of up to $50 per TEU based upon cargo volume; or
b. port credits of up to $100 per TEU based
				  upon an invitation from and a project agreement with the state, as approved by
				  LED and the governor;
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter C - Louisiana Import Tax Credit › Section I-3951 - Preliminary Certification or Project Agreement

Current through Register Vol. 50, No. 6, June 20, 2024
A. LED shall review the application and
				  determine:
1. eligibility of the
				  applicant;
2. base cargo
				  volume;
3. base cargo volume
				  period; and
4. port credit
				  incentive period.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter C - Louisiana Import Tax Credit › Section I-3953 - Final Certification

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Applicants shall file a request for final certification of credits within 90
				  days of the end of the port credit incentive period. Requests received after
				  this date shall not be accepted and any tax credits earned shall be deemed
				  waived, unless applicant receives written approval for late submission from LED
				  prior to the deadline.
B. Port
				  credits are earned based upon actual cargo volumes transiting the applicable
				  public port during the port credit incentive period and as such, requests for
				  final certification of credits shall include:
1. evidence of actual cargo volumes
				  transiting the applicable port during the applicable port credit incentive
				  period supported by records from the applicable public port facility. Only
				  cargo that is owned by the port facility user shall be included in the
				  calculation of actual cargo volume.
2. a summary of actual cargo volumes, net new
				  TEUs, and the percentage increase in imported cargo during the port credit
				  incentive period as compared to imported cargo volumes during the base cargo
				  volume period;
3. any additional
				  information required by LED.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter C - Louisiana Import Tax Credit › Section I-3955 - Tax Credit Limitations

Current through Register Vol. 50, No. 6, June 20, 2024
A. Tax
				  credits shall be issued on a first come, first served basis, based upon the
				  date of final certification.
B. Tax
				  credits are earned upon net new TEUs of actual cargo volumes transiting the
				  applicable public port during the port credit incentive period and the
				  certification of actual cargo volumes as set forth in Section 3951
1. For example, if an applicant established a
				  baseline cargo volume of 250 TEU's, and showed an additional 150 TEU's imported
				  during the incentive period, for a total of 400 TEU's, tax credits would be
				  awarded based upon only the 150 additional net new TEU's imported.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter C - Louisiana Import Tax Credit › Section I-3957 - Claiming Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  There shall be allowed a credit against corporate income tax liability of a
				  taxpayer who has received a final certification from LED, provided that the
				  credit shall be allowed only against the tax liability of entity which receives
				  the certification.
B. Tax credits
				  are earned in the tax year in which LED issues final certification.
C. Tax credits may be claimed against a
				  taxpayers income liability for the tax year containing the last day of the port
				  credit incentive period, notwithstanding the carryforward provisions
				  herein.
D. If the tax credit
				  allowed exceeds the amount of taxes due for the tax period, then any unused
				  credit may be carried forward as a credit against subsequent tax liability for
				  a period not to exceed five years.
E. Tax credits are not refundable or
				  transferable.
F. The applicant
				  shall attach the final certification to its return when claiming the
				  credits.
G. A recipient of port
				  credits granted pursuant to this section shall not be eligible for
				  import-export cargo tax credits pursuant to
				  R.S.
				  47:6036(I) nor shall a
				  recipient of port credits be eligible to receive any other state tax credit,
				  exemption, exclusion, deduction, rebate, or any other tax benefit for which the
				  taxpayer has received a port credit pursuant to this Section. A recipient of
				  import-export cargo tax credits as provide din
				  R.S.
				  47:6036(I) shall not be
				  eligible for port credits pursuant to this Section.
AUTHORITY
					 NOTE: Promulgated in accordance with R.S.
					 47:6036.1
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 39 - Ports of Louisiana Tax Credits › Subchapter C - Louisiana Import Tax Credit › Section I-3959 - Recovery of Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Credits previously granted to an applicant, but later disallowed, may be
				  recovered by LDR through any collection remedy authorized by
				  R.S.
				  47:1561.3 and initiated within three years
				  from December 31 of the year in which the credits were earned.
AUTHORITY
					 NOTE: Promulgated in accordance with R.S.
					 47:6036.1
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 41 - Corporate Tax Apportionment Program › Section I-4101 - General

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Corporate
				Tax Apportionment Program (the "program") extends the single sales factor
				computation for corporate income and franchise tax purposes utilized by
				manufacturers and merchandisers to other qualified business sectors. The
				secretary ("secretary") of the Louisiana Department Economic Development
				("LED") may invite businesses who meet the eligibility requirements to
				participate in the program.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  51:4401.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 41 - Corporate Tax Apportionment Program › Section I-4103 - Eligibility Requirements; Invitation to Participate; Application

Current through Register Vol. 50, No. 6, June 20, 2024
A. The secretary
				may invite a business to participate in the program, upon determining the
				business meets all of the following criteria:
1. at least 50 percent of the total annual
				sales of the business from its Louisiana site or sites is to out-of-state
				customers or buyers, or to in-state customers or buyers who resell the product
				or service to an out-of-state customer or buyer for ultimate use, or to the
				federal government, or any combination thereof;
2. the activities of the Louisiana site or
				sites include at least one of the following:
a. corporate headquarters;
b. logistics;
c. warehousing;
d. data center;
e. clean technology
f. destination health care;
g. research and development;
h. renewable energy;
i. digital media and software development;
				or
j. any other business sector
				targeted by the secretary as a focus of the department's economic development
				efforts;
3. except when
				the business will provide at least 25 new headquarters jobs or shared service
				center jobs, the business is not primarily engaged in any of the following
				sectors:
a. retail sales;
b. real estate;
c. professional services;
d. natural resource extraction or
				exploration;
e. financial services;
				or
f. venture capital
				funds;
4. the business
				is not engaged in gaming or gambling.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 41 - Corporate Tax Apportionment Program › Section I-4105 - Contract Approval

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Contract. The secretary shall determine the terms and conditions of the
				contract, including performance obligations.
B. Approval
1. The secretary may request approval of the
				contract by the Joint Legislative Committee on the Budget upon determining
				that:
a. the business meets all eligibility
				requirements;
b. participation in
				the program is needed in a highly competitive site selection situation to
				encourage the business to locate the project in the state; and
c. securing the project will result in
				significant positive economic benefit to the state.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 41 - Corporate Tax Apportionment Program › Section I-4107 - Contract Renewal

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Upon application by a qualified business, and LED's determination that the
				business continues to meet eligibility requirements and contract performance
				obligations, the secretary may renew the contract for an additional period of
				up to 20 years. LED shall submit a copy of the renewal to the Louisiana
				Department of Revenue.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  51:4401.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 41 - Corporate Tax Apportionment Program › Section I-4109 - Annual Certification of Eligibility

Current through Register Vol. 50, No. 6, June 20, 2024
A. The qualified business must submit
				certification (signed by a key employee of the business) that it continues to
				meet all eligibility requirements of the program as well as all performance
				obligations of the contract by September 1 of each year unless the contract
				designates another reporting deadline. A company's failure to submit the annual
				certification of eligibility by the deadline provided for in this section shall
				result in the forfeiture of benefits for the previous tax year and the
				secretary, in his discretion, may terminate the contract. LED may require an
				audit of any annual certification at the expense of the qualified
				business.
B. The qualified business
				may not file its Louisiana corporate income and franchise tax return utilizing
				the single sales factor for apportionment purposes until the annual
				certification of eligibility has been submitted to and verified by LED. Upon
				verification, LED shall notify the Louisiana Department of Revenue that the
				business remains eligible to use the single sales factor for apportionment
				purposes on its Louisiana corporate income and franchise tax return.
C. If a business fails to maintain the
				eligibility requirements for participation in the program or fails to meet the
				performance objectives in the contract, the department may suspend or terminate
				the contract. Upon suspension or termination of the contract, department will
				notify the Louisiana Department of Revenue that the business is not qualified
				to utilize the single sales factor for apportionment purposes for the tax year
				or years in question.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S.
				  51:4401.
Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part I - Financial Incentive Programs › Chapter 41 - Corporate Tax Apportionment Program › Section I-4111 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any Section
				or provision of this Chapter is held invalid, such invalidity shall not affect
				other provisions of this Chapter. Any provision of this Chapter that is in
				conflict with R.S. 51:4401 or any other statute will be invalid and will be
				severable.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 51:2451-2462 et
				  seq.