LAC 13:I.2709. Certification of Amount of Credit

Editor’s Note: This section was formerly §2707. A. The technology commercialization tax credit shall be: 1. equal in value to 40 percent of the amount of money invested by the taxpayer applicant in commercialization costs for one business location; 2. a refundable credit which may be applied to any income or corporation franchise tax liability owed to the state by the taxpayer; 3. limited to an investment of $250,000 per five-year certification period. B. The technology jobs credit shall be: 1. equal to 6 percent multiplied by the gross payroll of new direct jobs as verified by the Department of Economic Development; 2. a refundable credit which may be applied to any income or corporation franchise tax liability owed to the state by the taxpayer. C. Prior to claiming a technology commercialization credit or technology jobs credit on any tax return, a taxpayer must apply for and obtain a credit certification from DED. A taxpayer must have been issued an eligibility certification before a credit certification may be issued. D. The application for a credit certification shall be submitted on a form provided by the DED. The application shall include a detailed itemization of all commercialization costs incurred during the tax year. E. DED shall review the application and issue a credit certification in the amount determined to be eligible and provide a copy to the Department of Revenue. The credit certification and the amount of such certification shall be considered preliminary and shall be subject in all respects to audit by the Louisiana Department of Revenue.