SLS 13RS-458 ORIGINAL
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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, 2013
SENATE BILL NO. 163
BY SENATOR MARTINY
TAX/TAXATION. Provides for tax credit against corporate income and franchise taxes
based on the increase in visitors resulting from certain activities undertaken by businesses
seeking the credit. (8/1/13)
AN ACT1
To enact Chapter 5 of Subtitle VII of Title 47 of the Louisiana Revised Statutes of 1950, to2
be comprised of R.S. 47:650, relative to tax credits; authorizes contracts to provide3
tax credits for incrementally increasing the number of visitors to the state; and to4
provide for related matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. Chapter 5 of Subtitle VII of Title 47 of the Louisiana Revised Statutes of7
1950, to be comprised of R.S. 47:650, is hereby enacted to read as follows:8
CHAPTER 5. TOURISM-BASED ECONOMIC DEVELOPMENT PROGRAM9
ยง650. Tourism-based Economic Development Program10
A. Purpose. The legislature hereby recognizes the importance of11
tourism as an economic driver, generating tax revenue and creating jobs in the12
state, and hereby provides an incentive to incrementally increase the number13
of visitors to the state.14
B. Contracts. The secretary of the Department of Economic15
Development is authorized to enter into contracts with businesses agreeing to16
undertake activities to incrementally increase the number of visitors to the state17 SB NO. 163
SLS 13RS-458 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
by at least one hundred thousand per year. The contract shall provide an1
incentive to the business based upon the actual number of the incremental2
increase in visitors, as certified by the secretary of the Department of Economic3
Development.4
C. Incentive payments. The incentive shall be paid in the form of a5
refundable tax credit against corporate income and corporate franchise taxes.6
Any excess of allowable credit provided by this Section over the tax liabilities7
against which such credit may be applied shall constitute an overpayment as8
defined in R.S. 47:1621(A), and the secretary of the Department of Revenue9
shall make a refund of such overpayment from the current collections of taxes10
imposed under this Title.11
D. Rules. The Department of Economic Development may promulgate12
rules in accordance with the Administrative Procedure Act to establish business13
eligibility and project qualifications for this program, and any other matter14
necessary to carry out the purposes of this Section.15
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Angela L. De Jean.
DIGEST
Proposed law provides that the legislature hereby recognizes the importance of tourism as
an economic driver, generating tax revenue and creating jobs in the state, and hereby
provides an incentive to incrementally increase the number of visitors to the state.
Proposed law provides that the secretary of the DED is authorized to enter into contracts
with businesses agreeing to undertake activities to incrementally increase the number of
visitors to the state by at least 100,000 per year.
Proposed law provides that the contract shall provide an incentive to the business based upon
the actual number of the incremental increase in visitors, as certified by the secretary of the
DED.
Proposed law provides that the incentive shall be paid in the form of a refundable tax credit
against corporate income and corporate franchise taxes. Any excess of allowable credit
provided by proposed law over the tax liabilities against which such credit may be applied
shall constitute an overpayment as defined in present law, and the secretary of the DOR shall
make a refund of such overpayment from the current collections of taxes imposed under
proposed law.
Proposed law provides that the DED may promulgate rules in accordance with the APA to
establish business eligibility and project qualifications for this program, and any other matter
necessary to carry out the purposes of proposed law. SB NO. 163
SLS 13RS-458 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Effective August 1, 2013.
(Adds R.S. 47:650)