La. Admin. Code tit. 13 § I-529

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

Section I-529 - Renewal of Tax Exemption Contract

A. Application for renewal of the exemption must be filed with the department on the prescribed form not more than six months before, and not later than, the expiration of the initial contract. A fee of $250 shall be filed with the renewal application. The document shall not be considered officially received and accepted until the appropriate fee is submitted. Upon proper showing of compliance with the initial contract of exemption, a renewal contract of exemption may be approved by the board for an additional period of no more than five years and provide for an ad valorem exemption of up to 80 percent.

B. Eligibility of the applicant and the property for renewal of the exemption will be reviewed by the board using the same criteria that was used for the initial contract, and based upon the facts and circumstances existing at the time the renewal application is considered.

C. The board shall have the option of submitting a board approved renewal application to the local governmental entities for approval in accordance with the procedures for approval of the initial exemption contract.

D. The term of the renewal contract shall be reduced by one year for each calendar month, or portion thereof, that the renewal application is filed late. The board may impose any other penalty for late renewal submission that it deems appropriate.

La. Admin. Code tit. 13, § I-529

Adopted by the State Board of Commerce and Industry, December 9, 1946, amended and promulgated by the Department of Economic Development, Office of Commerce and Industry, LR 20:867 (August 1994), amended by the Department of Economic Development, Office of Business Development, LR 37:2379 (August 2011), Amended by the Department of Economic Development, Office of Business Development, LR 37:2379 (August 2011), LR 412319 (11/1/2015), Amended by the Department of Economic Development, Office of Business Development, LR 431137 (6/1/2017), Amended LR 441423 (8/1/2018).

AUTHORITY NOTE: Promulgated in accordance with Article VII, Part 2, Section 21(F) of the Louisiana Constitution of 1974.