1. A. Company or its named affiliates listed on Schedule I shall file an annual project property report (APPR) with LED on or before March 31 of each calendar year (or before October 31 for assets located in Orleans Parish) following Board approval of the project application and shall continue annually during the term of the ITEP contract until the project is complete.

   1. 1. Provided company requests an extension to file its APPR in writing on or before March 31 of each calendar year, LED shall grant an extension to file the APPR to April 30.

   2. 2. Late APPR filings shall be subject to penalties. The penalty shall be the loss of one year of exemption from the exemption period of the related late APPR filing for each calendar year or portion thereof, that the filing is late.

      1. a. Companies may make a special request of the board for reconsideration of the above late filing penalties. Board shall consider each request and make a determination based on the merits of the request and on the board’s judgement as to what is in the best interest of the state.

2. B. The APPR shall include but may not be limited to the following:

   1. 1. An ITEP contract project status update;
   2. 2. A list of assets, if any, directly related to the project that were placed into service during the prior calendar year and eligible for the exemption.

3. C. The APPR shall establish the Exemption Period for assets eligible for the exemption.

   1. 1. For assets physically located in parishes other than Orleans Parish, the exemption period for each asset or group of assets listed on the APPR, and approved by LED, shall begin December 31 of the calendar year in which the asset or group of assets were placed in service or construction was completed.

      1. a. The exemption period shall be for 10 consecutive years and subject to the provisions of the ITEP contract and surviving provisions thereof;

   2. 2. For property located in Orleans Parish, the exemption period for each asset or group of assets listed on the APPR, and approved by LED, shall begin July 31 of the calendar year in which the asset or group of assets were placed in service or construction was completed.

      1. a. The exemption period shall be reflected on the APPR.
4. D. The company may submit an amended APPR.
5. E. Processing fee(s) shall be submitted with the APPR or amended APPR, in accordance with LED’s fee schedule, as defined in R.S. 36:104.
6. F. LED shall review the APPR filing to ensure the placed in service date for the asset or group of assets and the completion of construction date includes the proper calendar year, and to ensure the asset or group of assets are in accordance with the terms and conditions of the fully-executed ITEP contract.

7. G. LED may perform a detailed examination of at least 10 percent of all APPR’s received, to ensure that only qualifying assets, within the scope of the approved project, are submitted for exemption.

   1. 1. Upon notice that their application has been selected for detailed examination, the applicant shall provide all applicable supporting documentation requested by LED.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with Article VII, Part 2, Section 21(F) of the Louisiana Constitution of 1974.

Historical Note

HISTORICAL NOTE: Promulgated by the Board of Commerce and Industry and Louisiana Economic Development, LR 51:372 (March 2025).