1. A. Pursuant to the authority granted under R.S. 51:1929(5), the following fee and assessment structure is hereby established to cover necessary costs associated with the administration of the certified Louisiana Capital Companies Tax Credit Program, R.S. 51:1921 et seq.

   1. 1. Request for certification of capital pursuant to R.S. 51:1924. Each certified Louisiana capital company seeking an allocation of certified capital shall submit a non-refundable fee with the request for allocation filed on October 1 and December 1 of each year.

      Requested Amount	Fee
      Less than $250,000	$1,000
      $250,000 < $3,000,000	$2,500
      $3,000,000 or greater	$5,000

   2. 2. Annual assessment of each certified Louisiana capital company at a floating rate to be assessed no later than May 15 of each year, to be based on the total certified capital under management, as defined in LAC 10:XV.303, as of the previous December 31 audited financial statements. Any amounts collected in excess of actual expenditures related to the administration of the certified Louisiana capital companies program by the Office of Financial Institutions shall be credited or refunded on a pro rata basis. Any shortages in assessments to cover actual operating expenses of OFI relating to the administration of the certified Louisiana capital companies program shall be added to the next variable assessment or billed on a pro rata basis.

      Fee	Variable

   3. 3. Late Fee. For each calendar day that an assessment is late pursuant to the requirements of §323.B.2, a late fee shall be assessed.

      Fee	$100 per day

2. B. Administration

   1. 1. The failure to submit a fee with the request for allocation as required in §323.A.1 shall result in the denial of an allocation of certified capital.
   2. 2. The assessment described in §323.A.2 shall be considered late if not received by this office on or before May 31 of each calendar year. If this office receives an assessment after May 31, it shall not be deemed late if it was postmarked on or before May 31.
   3. 3. If audited financial statements are not submitted to this office by April 30, unaudited financial statements shall be submitted no later than May 1. These unaudited financial statements shall then be used to determine the assessment amount provided for in §323.A.2. Accompanying these audited or unaudited financial statements shall be a detailed calculation of total certified capital under management as of December 31.
   4. 4. If neither an audited nor unaudited financial statement has been received by this office by May 1, beginning on June 1, the late fee described in §323.A.3 shall be assessed until the assessment has been paid.
   5. 5. If any of the dates described in parts 2 and 3 above, except the April 30 and the December 31 due date for audited financial statements, occurs on an official state holiday or a Saturday or a Sunday, the next business day for the Office of Financial Institutions shall be the applicable due date.

   6. 6. The assessment for each certified Louisiana capital company group, as defined in R.S. 51:1923(11), and described in §323.A.2 shall be based on the following formula.

      1. a. The numerator will be the total certified capital under management for the group as of the previous December 31.
      2. b. The denominator will be the total certified capital under management for all certified Louisiana capital companies as of the previous December 31.

3. C. Severability

   1. 1. If any provision or item of this regulation, or the application thereof, is held invalid, such invalidity shall not affect other provisos, items, or applications of the regulation which can be given effect without the invalid provisions, items, or application.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:1929(5).

Historical Note

HISTORICAL NOTE: Promulgated by the Office of the Governor, Office of Financial Institutions LR 28:2349 (November 2002).