RS 2353 - Technology Commercialization Credit and Jobs Program; establishment; qualifications; administration
A. Qualifying individuals or businesses that invest in the commercialization of Louisiana technology in Louisiana may earn, apply for, and be granted a refundable tax credit on any income or corporation franchise tax liability and earn a refundable tax credit based on new jobs created. Qualifying research centers that develop Louisiana technology to be commercialized may earn, apply for, and be granted a refundable tax credit based on new jobs created. Such credits shall be earned and granted for a period of not less than five tax years as provided in this Part. The administration of applications for these credits and the provision of these credits shall be called the Technology Commercialization Credit and Jobs Program.
B.(1) The Technology Commercialization Credit and Jobs Program shall be implemented and administered by the Department of Economic Development. In compliance with the Administrative Procedure Act and this Part, the department shall adopt and promulgate such rules as are necessary for the efficient and effective administration of this program in keeping with the purposes for which it is enacted.
(2) In providing for the implementation and administration of the program, the department shall work closely with the secretary of the Department of Revenue.
(3) Such rules shall include provisions for:
(a) The Department of Economic Development to certify the eligibility of any applicant for receipt of the tax credit provided for in this Part and the qualification of any claimant to claim the credit against state tax liability.
(b) The presentation of an applicant's eligibility certification and any other documentation required to be applied for and earn or claim a credit.
C.(1) To qualify for a technology commercialization credit for five tax years, all of the following qualifications shall be required by each applicant:
(a) The investment in commercialization costs, including investment by purchase or lease of machinery and equipment which is placed into and maintained in service in Louisiana that is directly related to the production of technology or is used to produce resources essential to the production of technology.
(b) An agreement with a Louisiana regionally accredited college, technical school, university, or research company to commercialize or research a technology.
(c) An investment, pursuant to Subparagraph (a) of this Paragraph, of no more than two hundred fifty thousand dollars in Louisiana shall be eligible for this credit.
(2) To qualify for a technology commercialization credit for five additional tax years immediately succeeding the first five years as provided in Paragraph (1) of this Subsection, the applicant shall demonstrate that it will continue to increase the number of jobs of the applicant in Louisiana and continue to meet the requirements of Paragraph (1) of this Subsection.
(3) To qualify for a refundable tax credit based on new jobs created for five years, all of the following qualifications shall be required:
(a) The applicant must meet the requirements of Paragraph (1) of this Subsection or be a nonprofit or governmental research center approved by the secretary of the Department of Economic Development.
(b) The applicant must create a minimum of five new direct jobs in this state as defined by R.S. 51:2453(4).
(c) The applicant must offer a basic health benefits plan to the individuals it employs in new direct jobs in this state, and the plan shall be approved and meet the requirements that may be established by the Department of Economic Development.
(d) The new direct jobs shall pay an average minimum of fifty thousand dollars per year in wages to qualify for the new jobs refundable tax credit, excluding wages to a person who owns more than thirty percent of the equity of the applicant.
(4) To qualify for a new jobs refundable tax credit for five additional tax years immediately succeeding the first five tax years as provided in Paragraph (3) of this Subsection, the applicant shall demonstrate that it continues to meet the requirements of such Paragraph, and the statutory minimum wage requirement shall be increased by twelve percent.
D. No technology commercialization refundable tax credit or refundable tax credit based on jobs shall be earned, applied for, and granted for more than ten consecutive tax years with regard to the same location.
Acts 2002, 1st Ex. Sess., No. 8, §1, eff. July 1, 2002; Acts 2007, No. 401, §1, eff. July 10, 2007; Acts 2011, No. 416, §2, eff. July 1, 2011.