La. Admin. Code tit. 13 § I-3913
Current through Register Vol. 50, No. 11, November 20, 2024
Section I-3913 - Recapture and Recovery of Tax CreditsA. Recapture 1. If LED finds that funds for which an investing company received tax credits were not expended as qualifying expenditures, LED shall notify the investing company and reissue the tax certification letter to LDR within 15 days of the discovery. The investing company's state income tax liability for such taxable period shall be increased by an amount necessary for the recapture of the tax credits allowed. LED may delegate its audit authority to LDR.B. Recovery 1. Credits previously granted to a taxpayer, but later disallowed, may be recovered by LDR through any collection remedy authorized by R.S. 47:1561 and initiated within three years from December 31 of the year in which the credits were earned.2. Interest may be assessed and collected, but only at a rate of three percentage points above the rate provided in R.S. 39:3500(B)(1), which shall be computed from the original due date of the return on which the credit was taken.La. Admin. Code tit. 13, § I-3913
Promulgated by the Department of Economic Development, Office of the Secretary, LR 36:2546 (November 2010).AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6036.