The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Laura Gail Sullivan.
DIGEST
SB 227 Original 2015 Regular Session Donahue
Present law provides for the La. New Markets Job Act, allowing credits against insurance premium
taxes to be earned for certain qualified equity investments. Provides for definitions, eligibility,
application procedures, and recapture of credits claimed under certain circumstances.
Proposed law retains present law.
Present law caps the total of credits that may be certified at $55 million.
Proposed law establishes a cap of $26 million on the total amount of credits allowed in a fiscal year
beginning with FY 2015-16. The cap is the baseline average of the aggregate amount of claims filed
for the new market credits provided for in present law during the five fiscal years from FY 2008-09
to FY 2013-14.
Proposed law provides that claims for the credit shall be allowed on a first-come, first-served basis.
Provides that any taxpayer whose claim for the credit is disallowed may use the credit against tax
liability due in the next fiscal year and his claim shall have priority over other claims filed after the
date and time of his original claim.
Proposed law terminates the credit June 30, 2021.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 47:6016.1(C)(1)(intro para), (E)(2), (3), and (5), and (M))