La. Admin. Code tit. 13 § I-3909

Current through Register Vol. 50, No. 11, November 20, 2024

Section I-3909 - Certification of Tax Credits

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.

B. LED shall issue to the applicant a tax credit certification letter, stating:

1. the dollar amount of tax credits certified, which shall not exceed the qualifying expenditures or the amount of tax credits certified by the COA, whichever is less ; and

2. the amount of tax credit to be taken each year, which shall be five percent of the total tax credit per year.

C. tax credits shall not be carried back to any tax year prior to the year capital cost expenditures are incurred, but may be claimed beginning either the tax year the expenditures are incurred or the tax year in which the expenditures were certified, for a period of 20 years.

D. Tax credits are earned by investors when expenditures are made by investing company.

E. LED shall send the tax credit certification letter to the investing company and to LDR.

La. Admin. Code tit. 13, § I-3909

Promulgated by the Department of Economic Development, Office of the Secretary, LR 36:2546 (November 2010).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6036.