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Louisiana Revised Statutes Tit. 51, § 2399.4. Modernization tax credit approval

Current as of January 01, 2023 | Updated by Findlaw Staff

A. The department, after consultation with the secretary of Louisiana Works and the secretary of the Department of Revenue, may issue modernization tax credits provided the employer meets the requirements established by Subsection B of this Section. Nothing in this Chapter shall establish a right of the employer to receive retention and modernization tax credits unless approved by the department.

B. The employer shall establish one of the following:

(1) An increase in the increase of maximum capacity or efficiency of the facility of greater than ten percent.

(2) An approved investment from a company with multi-state operations with an established competitive capital project program.

C. (1) No contract shall be executed pursuant to this Chapter with an employer who has defaulted on or otherwise not repaid any loan or other obligation involving public funds nor with any employer who has ever declared bankruptcy under which an obligation of the employer to pay or repay public funds or monies was discharged as part of such bankruptcy.

(2) No contract shall be executed under this Chapter with an employer who is in default on any filing or payment with or to the state or any of its agencies or political subdivisions and in which an assessment or judgment that is final and non-appealable has been rendered, and remains outstanding, in favor of the state, or any of its agencies, or political subdivisions.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 51, § 2399.4. Modernization tax credit approval - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-51-sect-2399-4/

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