La. Admin. Code tit. 13 § I-3951

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

Section I-3951 - Preliminary Certification or Project Agreement

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.

B. If LED determines that the applicant is eligible, LED shall issue either:

1. a preliminary certification for projects seeking tax credits based upon cargo volume, indicating:

a. a certification of the base cargo volume based upon records from the applicable public port facility confirming the total and average amounts of imported cargo volumes in TEUs for the applicant during the three-year period immediately preceding the month of the port facility user's application submission; or if a new port facility user, a base cargo volume proposed by the applicant and approved by LED;

b. the 12-month port credit incentive period, during which time an applicant may be eligible to earn port tax credits. This period shall begin no earlier than the first day of the month immediately following the application date and shall begin no later than 90 days following the application date;

c. a preliminary certification of the total anticipated tax incentive allocation which shall be calculated by multiplying total number of net new TEUs by $50 per TEU; or

2. a project agreement for port facility users seeking port credits based upon an invitation from the state, indicating:

a. a certification of the base cargo volume based upon records from the applicable public port facility confirming the total and average amounts of imported cargo volumes in TEUs for the applicant during the three-year period immediately preceding the month of the port facility user's application submission; or if a new port facility user, a base cargo volume proposed by the applicant and approved by LED;

b. a 36-month port credit incentive period, during which time an applicant may be eligible to earn port tax credits. This period shall begin on any date mutually agreed to by the parties, but no earlier than the month immediately following the date of application submission;

c. a preliminary certification of the total anticipated tax incentive allocation which shall be calculated by multiplying the total number of net new TEUs by the rate per TEU outlined in the project agreement.

C. If LED determines that the applicant is ineligible, LED shall issue a written denial.

La. Admin. Code tit. 13, § I-3951

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