La. Admin. Code tit. 13 § I-3935

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

Section I-3935 - Audit, Recapture and Recovery of Tax Credits

A. Recapture. If LED finds that tax credits have been improperly issued, LED shall issue a revised final certification disallowing the improperly issued tax credits and send copies thereof to the applicant and LDR. The applicants state income tax liability for such taxable period shall be increased by an amount necessary for the recapture of the tax credits allowed.

B. Recovery. Credits previously granted to an applicant, 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.

C. Interest. Interest may be assessed and collected, 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-3935

Promulgated by the Department of Economic Development, Office of the Secretary, LR 402240 (11/1/2014).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6036.