1. A. Terms not otherwise defined in this Chapter shall have the same meaning given to them in R.S. 51:2352 unless the context clearly requires otherwise.

2. B. In this Chapter, the following terms shall have the meaning provided in this Section, unless the context clearly requires otherwise.

   1. Basic Health Benefits Plana health benefits plan which shall be determined by the Department of Economic Development to have a value of at least $1.25 per hour; shall include coverage for basic hospital care, and coverage for physician care; and shall include coverage for health care, which shall be the same coverage as is provided to employees employed in a bona fide executive, administrative, or professional capacity by the employer who are exempt from the minimum wage and maximum hour requirements of the federal Fair Labor Standards Act, 29 U.S.C.A. §201 et seq.
   2. Commercializationthe development of a technology into a commercial product by going through the process of prototyping, securing funding, and other steps necessary to get the final product to the marketplace. Commercialization begins after a technology has been reduced to practice and the company is proceeding to develop a commercial market.
   3. Commercialization Costsinvestment in machinery and equipment, all expenditures associated with obtaining the rights to use or the use of technology, including fees related to patents, copyrights, and licenses, payments to Louisiana universities for research agreements, and payments to third-party Louisiana research or clinical trial companies.
   4. Credit Certificationa certification by DED of the amount of the technology commercialization credit earned by a taxpayer for a particular tax year.
   5. DEDLouisiana Department of Economic Development.
   6. Eligibility Certificationa certification by the DED that a taxpayer is eligible to earn technology commercialization credits.
   7. LDRLouisiana Department of Revenue.
   8. Machinery and Equipmentmachinery or equipment that is a capital asset used in a trade or business subject to depreciation under federal tax law that is placed in service and used in Louisiana.

   9. New Direct Jobemployment in Louisiana of an employee working an average of at least 30 hours per week, who was not previously on the taxpayer's payroll in Louisiana, nor previously on the payroll of the taxpayer's parent entity, subsidiary, or affiliate in Louisiana, or previously on the payroll of any business whose physical plant and employees are substantially the same as those of the taxpayer in Louisiana and meets the following requirements:

      1. a. the employee shall occupy a job which did not exist in Louisiana prior to the fiscal year of the taxpayer during which the taxpayer filed an application for eligibility to earn tax credits pursuant to §2705 below.
      2. b. shall not mean any job that is a result of job shifts due to the gain or loss of an in-state contract to supply goods and services. New direct job shall not mean any employees who were retained following the acquisition of all or part of an in-state business by an employer.
   10. Taxpayera natural person, business, corporation, or other business entity that seeks to or has become qualified to claim a credit on any income or corporation franchise tax liability against taxes owed to Louisiana.
   11. Technologythe product or intellectual property owned or research sponsored at a regionally accredited college, technical school, or university located in Louisiana or any product or intellectual property to which significant development or enhancement occurred in Louisiana
   12. Technology Commercialization Creditscredits against Louisiana income or corporation franchise taxes that are earned by a taxpayer for investment in commercialization costs.
   13. Technology Jobs Creditcredits against Louisiana income or corporation franchise taxes that are earned by a taxpayer for new direct jobs.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2353.B.(1).

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of Business Development Services, Business Resources Division, LR 30:979 (May 2004), amended LR 36:308 (February 2010).