La. Admin. Code tit. 61 § I-1703

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

Section I-1703 - Additional Program Procedures-State-Certified Higher-Education Musical or Theatrical Infrastructure Projects-Receiving Initial Certification on or after July 1, 2015

A. State-certified higher education musical or theatrical infrastructure projects receiving initial certification on or after July 1, 2015 shall be eligible for the following types of tax credits at the prevailing statutory rates, currently as follows:

1. base investment credit-qualifying expenditures made in Louisiana, on or before January 1, 2022, for the construction, repair or renovation of a state-certified higher education infrastructure project:

a. if the total base investment is more than $100,000, but less than $300,000 dollars, a tax credit of 7.2 percent applies;

b. if the total base investment is more than $300,000, but less than $1,000,000, a tax credit of 14.4 percent applies;

c. if the total base investment is more than $1,000,000, a tax credit of 18 percent applies;

2. Louisiana resident payroll credit:

a. to the extent that base investment is expended on payroll for Louisiana residents, an additional tax credit of 7.2 percent applies;

b. $1,000,000 salary cap. However, the additional payroll credit shall exclude any payroll amounts paid to one person exceeding $1,000,000;

3. Louisiana student credit:

a. to the extent that base investment is expended to employ students enrolled in Louisiana colleges, an additional tax credit of 0.072 percent applies.

B. Program and Project Caps. No more than $7.2 million in credits per project or $43,200,000 in total program credits shall be granted.

La. Admin. Code tit. 61, § I-1703

Promulgated by the Department of Economic Development, Office of Business Development, Office of Entertainment Industry Development, LR 4241 (1/1/2016).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6034(E).