Terms Used In Louisiana Revised Statutes > Title 51 > Chapter 39-C - Retention and Modernization Act

• Appraisal: A determination of property value.
• 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.
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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

• Fiduciary: A trustee, executor, or administrator.
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• 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

• 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
• Qualified expenditures: means amounts classified as capital expenditures for federal income tax purposes plus exclusions from capitalization provided for in Internal Revenue Code Section 263(a)(1)(A) through (L), minus the capitalized cost of land, capitalized leases of land, capitalized interest, and the capitalized cost for the purchase of an existing building. See Louisiana Revised Statutes 51:2399.2