La. Admin. Code tit. 13 § I-2707

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

Section I-2707 - Requirements for Eligibility

A. To be eligible for certification under §2705, the taxpayer must meet the following requirements:

1. for a Technology Commercialization Credit:

a. the taxpayer must invest in commercialization costs, including investment by purchase or lease of machinery and equipment which is placed into and maintained in service in Louisiana that is directly related to the production of technology or is used to produce resources essential to the production of technology;

b. the taxpayer must enter into an agreement with a Louisiana regionally accredited college, technical school, university, or research company to commercialize or research a technology;

2. for a Technology Jobs Credit:

a. the applicant must be certified eligible to earn a technology commercialization credit, or be a nonprofit or governmental research center approved by the Secretary of the Department of Economic Development;

b. the applicant must create a minimum of five new direct jobs in this state as defined by R.S. 51:2453(4) of the Quality Jobs Program;

c. the applicant must offer a basic health benefits plan to the individuals it employs in new direct jobs in this state;

d. the new direct jobs shall pay an average minimum of $50,000 per year in wages to qualify for the new jobs refundable tax credit, excluding wages to a person who owns more than 30 percent of the equity of the applicant.

B. An eligibility certification may be renewed for an additional five tax years on the following conditions:

1. the taxpayer has complied with all requirements of the program for the initial five tax years; and

2. an application for renewal is filed with DED not sooner that the end of the fifth tax year and no later than the end of the sixth tax year;

3. for renewal of the Technology Jobs Credit Eligibility Certification, the new direct jobs shall pay an average minimum of $56,000.

La. Admin. Code tit. 13, § I-2707

Promulgated by the Department of Economic Development, Office of Business Development Services, Business Resources Division, LR 36:309 (February 2010).

AUTHORITY NOTE: Promulgated III accordance with R.S. 51:2353.