1. A. There shall be allowed a credit against the individual income, corporate income, and corporation franchise 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 the international business entity which receives the certification.
2. B. Tax credits are earned in the tax year in which LED issues final certification.
3. C. The first year in which tax credits may be claimed against taxes is the tax year in which the tax credits are earned.
4. 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.
5. E. The applicant shall attach the final certification to its return when claiming the credits.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6036.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of the Secretary, LR 40:2240 (November 2014).