La. Admin. Code tit. 13 § I-3511

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

Section I-3511 - Tax Credit Allocation Letter

A. The department shall review the application and supporting information and determine whether to allocate tax credits.

1. Evaluation. When determining allocation of available tax credits the department shall take the following factors into consideration:

a. the impact of the project on the objectives of the Retention and Modernization Program;

b. the impact of the project on the employment of Louisiana residents;

c. the impact of the project on the overall economy of the state;

d. the availability of tax credits relative to the annual program cap and tax credits being requested by the applicant; and

e. the total financial impact from an applicant's involvement with any program administered by the department.

B. Beginning March 31, 2010, tax credit allocation letters may be issued quarterly: by March 31, June 30, September 30, and December 31 of each calendar year.

1. All complete applications received in the same quarter shall be treated and evaluated as if received on the same day, according to the following schedule.

a. Applications received by February 28 shall be considered for allocation on March 31.

b. Applications received by May 31 shall be considered for allocation on June 30.

c. Applications received by August 31 shall be considered for allocation on September 30.

d. Applications received by November 31 shall be considered for allocation on December 31.

C. The tax credit allocation letter shall:

1. contain the employer's name, address and tax identification number;

2. identify the proposed efficiency improvements or investments;

3. identify a timeline for completion;

4. provide for possible extensions for good cause;

5. provide for possible revocation in case of bad faith or unreasonable delays; and

6. provide for a reservation of tax credits, to be allocated in equal portions for five years;

La. Admin. Code tit. 13, § I-3511

Promulgated by the Department of Economic Development, Office of the Secretary, Office of Business Development and the Louisiana Economic Development Corporation, LR 36:476 (March 2010).

AUTHORITY NOTE: Promulgated in accordance with R.S. 36:104, 36:108, and 51:2332 et seq.