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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2011 ENROLLED
SENATE BILL NO. 99
BY SENATORS MORRELL, ADLEY, APPEL, BROOME, DORSEY, GAUTREAUX,
MURRAY AND WILLARD-LEWIS AND REPRESENTATIVES
ABRAMSON, BROSSETT, HENRY, LEGER AND MORENO
AN ACT1
To amend and reenact the introductory paragraph of R.S. 47:6016 (B)(2)(b), 6016(B)(3), the2
introductory paragraph of (E)(2)(a), 6016(E)(2)(a)(iv), and (I) and to enact R.S.3
47:6016 (B)(2)(c), (E)(2)(a)(v) and (vi), and (7) and (8), relative to the new markets4
tax credit; to provide for the allocation and allowance of tax credits; to provide for5
an effective date; and to provide for related matters.6
Be it enacted by the Legislature of Louisiana:7
Section 1. The introductory paragraph of R.S. 47:6016(B)(2)(b), 6016(B)(3), the8
introductory paragraph of (E)(2)(a), 6016(E)(2)(a)(iv), and (I) are hereby amended and9
reenacted and R.S. 47:6016(B)(2)(c), (E)(2)(a)(v) and (vi), and (7) and (8) are hereby10
enacted to read as follows: 11
ยง6016. New markets tax credit12
* * *13
B. * * *14
(2) "Applicable percentage" means:15
* * *16
(b) For qualified equity investments issued to taxpayers on and after July 1,17
2007, but before September 1, 2011:18
* * *19
(c) For qualified equity investments issued to taxpayers on and after20
September 1, 2011:21
(i) Zero percent for the first three credit allowance dates.22
(ii) Ten percent with respect to the remainder of the credit allowance23
dates.24
(3) "Credit allowance date" means the following with respect to any qualified25 SB NO. 99 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
equity investment issued during the following periods:1
(a) With respect to qualified equity investments issued prior to2
September 1, 2011, but on and after July 1, 2007, the date on which such3
investment is initially made and the first two anniversaries of such date .4
(b) and With respect to qualified equity investments issued prior to July 1,5
2007, the date on which the initial investment is made and the first six anniversaries6
of such date.7
(c) With respect to qualified equity investments issued on and after8
September 1, 2011, the date on which such investment is initially made and the9
first five anniversaries of such date.10
* * *11
E. * * *12
(2)(a) The aggregate amount of credit for all qualified equity investments13
issued to taxpayers, on or after April 1, 2008, under this Section shall not exceed14
fifty eighty million dollars in the aggregate over the life of the program, based upon15
the following schedule:16
* * *17
(iv) A maximum of fifteen million dollars of the total aggregate amount18
of credit shall be available for issuance beginning on September 1, 2011.19
(v) A maximum of fifteen million dollars of the total aggregate amount20
of credit, plus any unissued credits from any prior taxable year, shall be21
available for issuance beginning on September 1, 2012.22
(vi) For all taxable periods beginning on or after January 1, 2011 2013, the23
only amount of credit allowable for issuance shall be the amount of unissued,24
disallowed, or recaptured credits from any prior taxable year.25
* * *26
(7) Credits issued on or after September 1, 2011, shall be earned and27
vested on the date that the qualified equity investment which, in turn, has been28
invested in a qualified low-income community business, is made but shall not29
be claimed on a return due on or before December 31, 2014.30 SB NO. 99 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
(8) Credits issued on or after September 1, 2012, shall be earned and1
vested on the date that the qualified equity investment which, in turn, has been2
invested in a qualified low-income community business, is made but shall not3
be claimed on a return due on or before December 31, 2015.4
* * *5
I. Tax credits shall be allowed for qualified equity investments which, in turn,6
have been invested in qualified low-income community investments, only if such7
qualified equity investment is issued prior to until December 31, 2013 2014.8
Section 2. This Act shall become effective upon signature by the governor or, if not9
signed by the governor, upon expiration of the time for bills to become law without signature10
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If11
vetoed by the governor and subsequently approved by the legislature, this Act shall become12
effective on the day following such approval.13
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: