La. Admin. Code tit. 13 § I-3949

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

Section I-3949 - Application

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;

2. the port facility user's company name, NAICS code and evidence that the applicant is engaged in the manufacturing, warehousing, or distribution of goods imported through Louisiana public ports;

3. the name of the public port serving as the site of the port facility user's imported cargo;

4. evidence that the applicant's current imported cargo volume through a Louisiana public port exceeds 50 TEU's of cargo annually. If the applicant is a new port facility user, then the applicant shall submit a projection of its anticipated annual actual cargo volume, which must exceed 50 TEUs;

5. evidence of base cargo volume:

a. applicants seeking tax credits based upon cargo volume or project agreement shall include documentation and evidence of the average amount of imported cargo volumes in TEUs for the applicant during the three-year period ending on the last day of the month immediately prior to the date of submission of the application to LED. If the applicant is a new port facility user, the applicant shall propose a base cargo volume, subject to approval by LED.

6. any additional information required by LED.

B. An application fee equal to 0.5 percent (0.005) times the total anticipated tax incentive, with a minimum application fee of $500 and a maximum application fee of $15,000, shall be submitted with each application. The fee shall be made payable to Louisiana Economic Development.

C. Applications shall be accepted for port tax credits on or after September 1, 2021, until port tax credits are no longer available subject to the tax credit limitations within this section.

La. Admin. Code tit. 13, § I-3949

Promulgated by the Department of Economic Development, Office of the Secretary, LR 48405 (3/1/2022).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6036.1 and 36:104.