LAC 13:I.561. Renewal of Tax Exemption Contract

A. Application for renewal of the exemption must be filed with LED through its online Fastlane portal within the final year of the initial contract term but prior to expiration of the initial contract. A renewal fee shall be filed with the renewal application, in accordance with LED’s fee schedule, as defined in R.S. 36:104.The document shall not be considered officially received and accepted until the appropriate fee is submitted. Upon proper showing of compliance with the initial contract of exemption, including but not limited to filing of all required annual project property reports, a renewal contract of exemption may be approved by the board for an additional period of no more than five years and provide for an applicable ad valorem exemption percentage. B. Eligibility of the applicant and the property for renewal of the exemption will be reviewed by the board using the same criteria that was used for the initial contract, and based upon the facts and circumstances existing at the time the renewal application is considered. ITEP contracts shall be renewed unless the particular circumstances indicate bad faith on the part of the company. C. The term of the renewal contract shall be reduced by one year for each calendar month, or portion thereof, that the renewal application is filed late. The board may impose any other penalty for late renewal submission that it deems appropriate.