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Rs 47:35 Neighborhood Assistance Tax Credit

§35. Neighborhood assistance tax credit

A. The following words and phrases used in this Section, unless a different meaning

is plainly required by the context, shall have the following meanings:

(1) "Business firm" means any business entity authorized to do business in the state

of Louisiana and subject to the state corporate income tax imposed by the provisions of Title

47.

(2) "Community services" means any type of counseling and advice, emergency

assistance, or medical care furnished to individuals or groups in the state of Louisiana.

(3) "Crime prevention" means any activity which aids in the reduction of crime in

the state of Louisiana.

(4) "Education" means any type of scholastic instruction or scholarship assistance

to an individual who resides in the state of Louisiana that enables him to prepare himself for

better opportunities.

(5) "Job training" means any type of instruction to an individual who resides in the

state of Louisiana that enables him to acquire vocational skills so that he can become

employable or be able to seek a higher grade of employment.

(6) "Neighborhood assistance" means furnishing financial assistance, labor, material,

or technical advice to aid in the physical improvement or rehabilitation of any part or all of

a neighborhood area.

(7) "Neighborhood organization" means any organization performing community

services in the state of Louisiana and which is

(a) Determined by the Internal Revenue Service to be exempt from income taxation

under the provisions of the Internal Revenue Code, or

(b) Incorporated in the state of Louisiana as a nonprofit corporation under the

provisions of R.S. 12:201 et seq., or

(c) Designated as a community development corporation by the United States

government under the provisions of Title VII of the Economic Opportunity Act of 1964.

(8) "Neighborhood" means a specific geographic area, urban, inter-urban, suburban,

or rural as certified by the Division of Community Development of the Department of

Consumer Affairs regulation and licensing, which is experiencing problems endangering its

existence as a viable and stable neighborhood.

B. Any business firm engaged in the activities of providing neighborhood assistance,

job training, education for individuals, community services, or crime prevention in the state

of Louisiana shall receive a tax credit as provided in Subsection C if the commissioner of

administration annually approves the proposal of the business firm; except that, no proposal

shall be approved which does not have the endorsement of the agency of local government

within the area in which the business firm is engaging in such activities, which has adopted

an overall community or neighborhood development plan, that the proposal is consistent with

such plan. The proposal shall set forth the program to be conducted, the neighborhood area

to be served, why the program is needed, the estimated amount to be invested in the program

and the plans for implementing the program. If, in the opinion of the commissioner of

administration, a business firm's investment can more consistently be made through

contributions to a neighborhood organization as defined in Subdivision (7) of Subsection A,

tax credits may be allowed as provided in Subsection C. The commissioner of

administration is hereby authorized to promulgate rules and regulations for establishing

criteria for evaluating such proposals by business firms for approval or disapproval and for

establishing priorities for approval or disapproval of such proposals by business firms with

the assistance and approval of the secretary of the Department of Revenue. The total amount

of tax credit granted for programs approved by the commissioner of administration for each

fiscal year shall not exceed one percent of the total amount of state corporate income tax as

collected in the prior fiscal year.

C. The division of administration shall grant a tax credit against the state corporate

income tax liability. A tax credit of up to fifty percent of the actual amount contributed may

be allowed for investment in programs approved by the commissioner of administration.

Such credit for any corporation shall not exceed one hundred eighty thousand dollars

annually. No tax credit shall be granted to any bank, bank and trust company, insurance

company, trust company, national bank, savings association, or building and loan association

for activities that are a part of its normal course of business. Any tax credit not used in the

period the investment was made may be carried over for the next five succeeding taxable

periods until the full credit has been allowed.

D. The decision of the commissioner of administration to approve or disapprove a

proposal pursuant to this Section shall be in writing, and if he approves the proposal, he shall

state the maximum credit allowable to the business firm. A copy of the decision of the

commissioner of administration shall be transmitted to the governor and to the secretary of

the Department of Revenue.

Added by Acts 1982, No. 653, §1, eff. July 22, 1982; Acts 1988, No. 625, §4; Acts

1997, No. 658, §2; Acts 2015, No. 125, §2, eff. July 1, 2015; Acts 2016, 1st Ex. Sess., No.

29, §2; Acts 2017, No. 400, §§1, 4, eff. June 26, 2017.

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Local Government
Louisiana
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John Bel Edwards
John Bel Edwards
January 11, 2016 -
Democratic
1-225-342-4404
900 North 3rd Street, Baton Rouge, LA, 70802

Keywords
tax
credit
business
administration
louisiana
able
assistance
corporate
income
neighborhood