DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 444 Original 2015 Regular Session Leger
Abstract: Beginning July 1, 2015, prohibits the transfer of the income or corporation franchise tax
credits issued pursuant to the Angel Investor Tax Credit Program.
Present law provides for an income or corporation franchise tax credit for investments made on or
after Jan. 1, 2011, for qualifying individuals or entities which invest in a La. Entrepreneurial
Business. The amount of the credit shall be equal to 35% of the amount invested by the investor
divided into equal portions over five years. The maximum amount of the investment that can be
eligible for the credit is limited to $1 million per year per business and $2 million total per business.
Present law authorizes the transferability of tax credits issued pursuant to the Angel Investor Tax
Credit Program. Transferors and transferees are required to submit to the Dept. of Revenue written
notification of any transfer or sale of tax credits within 10 business days after the transfer or sale of
a credit. The transfer or sale of the credit does not extend the time in which the credit can be used
and the carryforward period for transferred credits begins on the date on which the credit was earned.
Proposed law repeals present law regarding the transferability of the credit and prohibits the transfer
of the credit beginning July 1, 2015.
Effective July 1, 2015, and shall be applicable for all tax years beginning on or after such date.
(Amends R.S. 47:6020(F))