Terms Used In Louisiana Revised Statutes 51:2399.4

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Contract: A legal written agreement that becomes binding when signed.
  • Department: means the Department of Economic Development. See Louisiana Revised Statutes 51:2399.2
  • Employer: means a legal person who is engaged in a lawful enterprise not excluded by this Chapter that executes a contract with the department pursuant to the provisions of this Chapter and meets the following elements or elements substantially equivalent thereto:

    (b)  To qualify for a contract pursuant to this Chapter, employers must be a manufacturer, as defined by North American Industry Classification System (NAICS) codes 113310, 211, 213111, 541360, 311-339, 511-512, and 54171, as the employer's primary function. See Louisiana Revised Statutes 51:2399.2

  • Modernization: means capitalized investment by an employer in technology, machinery, building and/or equipment that meets one of the following provisions:

    (a)  An increase in the increase of maximum capacity or efficiency of the facility of greater than ten percent. See Louisiana Revised Statutes 51:2399.2

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Project: includes the design, development, installation and construction of a technology, machinery, building and equipment that results in a modernization of an employer's product line, unit, or entire operations that requires at least five million dollars of investment. See Louisiana Revised Statutes 51:2399.2

            A. The department, after consultation with the secretary of the Louisiana Workforce Commission and the secretary of the Department of Revenue, may issue modernization tax credits provided the employer meets the requirements established by Subsection B of this Section. Nothing in this Chapter shall establish a right of the employer to receive retention and modernization tax credits unless approved by the department.

            B. The employer shall establish one of the following:

            (1) An increase in the increase of maximum capacity or efficiency of the facility of greater than ten percent.

            (2) An approved investment from a company with multi-state operations with an established competitive capital project program.

            C.(1) No contract shall be executed pursuant to this Chapter with an employer who has defaulted on or otherwise not repaid any loan or other obligation involving public funds nor with any employer who has ever declared bankruptcy under which an obligation of the employer to pay or repay public funds or monies was discharged as part of such bankruptcy.

            (2) No contract shall be executed under this Chapter with an employer who is in default on any filing or payment with or to the state or any of its agencies or political subdivisions and in which an assessment or judgment that is final and non-appealable has been rendered, and remains outstanding, in favor of the state, or any of its agencies, or political subdivisions.

            Acts 2009, No. 447, §1.

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