LAC 13:I.3957. Claiming Tax Credits

A. There shall be allowed a credit against corporate income tax liability of a taxpayer who has received a final certification from LED, provided that the credit shall be allowed only against the tax liability of entity which receives the certification. B. Tax credits are earned in the tax year in which LED issues final certification. C. Tax credits may be claimed against a taxpayers income liability for the tax year containing the last day of the port credit incentive period, notwithstanding the carryforward provisions herein. D. If the tax credit allowed exceeds the amount of taxes due for the tax period, then any unused credit may be carried forward as a credit against subsequent tax liability for a period not to exceed five years. E. Tax credits are not refundable or transferable. F. The applicant shall attach the final certification to its return when claiming the credits. G. A recipient of port credits granted pursuant to this section shall not be eligible for import-export cargo tax credits pursuant to R.S. 47:6036(I) nor shall a recipient of port credits be eligible to receive any other state tax credit, exemption, exclusion, deduction, rebate, or any other tax benefit for which the taxpayer has received a port credit pursuant to this Section. A recipient of import-export cargo tax credits as provide din R.S. 47:6036(I) shall not be eligible for port credits pursuant to this Section.