Louisiana Revised Statutes 47:2138 – A. Agreement. (1) A local taxing authority, hereinafter referred to as “taxing authority”, may enter into an advance tax payment agreement with a taxpayer to provide for the advance
Terms Used In Louisiana Revised Statutes 47:2138
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Owner: means a person who holds an ownership interest that has not been terminated pursuant to La. See Louisiana Revised Statutes 47:2122
- Property: includes every form, character and kind of property, real, personal, and mixed, tangible and intangible, corporeal and incorporeal, and every share, right, title or interest therein or thereto, and every right, privilege, franchise, patent, copyright, trade-mark, certificate, or other evidence of ownership or interest; bonds, notes, judgments, credits, accounts, or other evidence of indebtedness, and every other thing of value, in possession, on hand, or under the control, at any time during the calendar year for which taxes are levied, within the State of Louisiana, of any person, firm, partnership, association of persons, or corporation, foreign or domestic whether the same be held, possessed, or controlled, as owner, agent, pledgee, mortgagee, or legal representative, or as president, cashier, treasurer, liquidator, assignee, master, superintendent, manager, sequestrator, receiver, trustee, stakeholder, depository, warehouseman, keeper, curator, executor, administrator, legatee, heir, beneficiary, parent, attorney, usufructuary, mandatary, fiduciary, or other capacity, whether the owner be known or unknown; except in the cases of fire, life, or other insurance companies, the notes, judgments, accounts, and credits of nonresident persons, firms, corporations, partnerships, associations, or companies doing business in the State of Louisiana, originating from the business done in this state, are hereby declared to be property with its situs within this state. See Louisiana Revised Statutes 47:1702
A. Agreement. (1) A local taxing authority, hereinafter referred to as “taxing authority”, may enter into an advance tax payment agreement with a taxpayer to provide for the advance payment of certain ad valorem taxes in exchange for the issuance of tax credits by the taxing authority to the taxpayer, hereinafter referred to as “agreement”. An agreement may require the taxing authority to pay interest associated with the tax credits at a rate not to exceed the effective judicial interest rate established under La. Rev. Stat. 13:4202(B).
(2) For purposes of this Section, “taxpayer” means the owner of a property that is under contract for the ad valorem property tax exemption authorized under La. Const. Art. VII, § 21(F) and who is a party to the agreement which requires the taxpayer to make advance payment of ad valorem taxes.
B. Tax credits. As provided in the agreement, the taxpayer shall be entitled to ad valorem tax credits issued by the taxing authority in an amount equal to the amount of advance tax payments made under the agreement plus interest. No more than twenty percent of the total value of the taxpayer’s tax credits may be claimed against the taxpayer’s tax liability in any tax year. The tax credits may be applied only to tax liabilities which become due on the taxpayer’s property that is the subject of the exemption contract under La. Const. Art. VII, § 21(F) .
C. Notification to the Board of Commerce and Industry. A taxpayer that has entered into an agreement shall provide the Board of Commerce and Industry with a copy of the executed agreement within thirty days of execution.
D. Notwithstanding any provision of administrative law or policy to the contrary, a taxpayer’s participation in an agreement shall have no bearing or effect upon the taxpayer’s eligibility for or continued benefit from an exemption contract authorized under La. Const. Art. VII, § 21(F) .
Acts 2018, No. 328, §1, eff. May 15, 2018.