La. Admin. Code tit. 13 § I-4709

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

Section I-4709 - Annual Certification of Eligibility; Suspension or Termination

A. The qualified business must submit certification (signed by a key employee of the business) that it continues to meet all eligibility requirements of the program as well as all performance obligations of the contract by April 1 of each year. A company's failure to submit the annual certification of eligibility by the deadline provided for in this section shall result in the forfeiture of benefits for the previous tax year and the secretary, in his discretion, may terminate the contract. LED may require an audit of any annual certification at the expense of the qualified business.

B. Annually, LED will verify that a participating company continues to meet the eligibility requirements of the program as well as performance obligations.

C. If a business fails to maintain the eligibility requirements for participation in the program or fails to meet the performance objectives in the contract, the secretary may, at his discretion, suspend or terminate the contract.

1. A contract suspension shall remove the exemption for the year in which the failure occurred, but the secretary may lift the suspension following a year in which eligibility requirements and performance obligations are met, and the exemption shall then be restored effective for that year.

2. A contract cancellation shall remove the exemption for the calendar year in which the failure occurred and all future years.

D. Upon receipt of notification from the secretary that a contract is suspended or cancelled, the assessor shall adjust the property assessment in the manner provided by law.

La. Admin. Code tit. 13, § I-4709

Promulgated by the Department of Economic Development, Office of Business Development, LR 39:1420 (June 2013).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:4351, et seq.