Louisiana Administrative Code
Title 13 - ECONOMIC DEVELOPMENT
Part I - Financial Incentive Programs
Chapter 19 - Tax Equalization Program
Section I-1921 - Contract Renewals
Universal Citation: LA Admin Code I-1921
Current through Register Vol. 50, No. 3, March 20, 2024
A.
1. Except as otherwise provided in this
Section, each contract of exemption entered into under authority of this
Chapter shall be reviewed and reevaluated, and shall be subject to
renegotiation, five years from the date of the execution of the contract and
may be renewed for an additional five-year period.
2. Not more than one year prior to the
expiration of a contract and not less than six months prior to the expiration,
a company wishing an additional five-year contract period shall file with the
Board of Commerce and Industry the information required in §1913. A.2 and 3
regarding certification of taxes. A renewal fee of $50 must accompany the
renewal application.
B.
1. Subsequent renewals for additional periods
of five years or less may be granted to a contract holder whose contract has
not expired as of the date of application for renewal if the applicant can
demonstrate the conditions of the initial contract were met and the activities
of the applicant in the state of Louisiana generate economic benefits to the
state that exceed 20 times the benefit to the applicant of the incentive
provided by this Chapter for the year preceding the request for renewal. Such
benefit to the state shall be determined by the application of nationally
recognized multipliers as appropriate and set forth in the Regional
Input-Output Modeling System ("RIMS II"), or its successor publications, for
the business operations of the applicant as published by Regional Economic
Analysis Division BE-61, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, D.C. 20230.
2. The contract holder's application for
subsequent renewal shall include an attestation by an independent public
accounting firm of the calculation of the economic benefit to the
state.
3. In addition to the
requirements of
R.S.
47:3203, the Board of Commerce and Industry
shall forward its recommendations, together with the proposed contract and all
supporting documents, to the Department of Economic Development and the Joint
Legislative Committee on the Budget. Upon receipt of the recommendations and
proposed contract, the Joint Legislative Committee on the budget shall have 30
days to approve or reject the renewal contract.
AUTHORITY NOTE: Promulgated in accordance with R.S. 47:3201-3206.
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