HLS 17RS-1372 ENGROSSED
2017 Regular Session
HOUSE BILL NO. 651
BY REPRESENTATIVE BROADWATER
TAX/CORP INCOME: Provides relative to corporate income tax credits
1 AN ACT
2To amend and reenact R.S. 47:287.759(A), 297(B) and (G)(2), 297.6(A)(1)(a), 6005(C)(1),
3 6013(A), 6020(D)(2)(a), 6022(D)(3)(introductory paragraph),
4 6034(C)(1)(a)(iii)(bb)(introductory paragraph) and (d)(ii), 6035(D), and
5 6037(B)(2)(b)(i) and (ii) and (c), R.S. 51:2354(B)(introductory paragraph) and (C),
6 and 2399.3(A)(2)(b)(introductory paragraph), and Sections 7 and 8 of Act No. 125
7 of the 2015 Regular Session of the Legislature, to enact R.S. 47:6022(D)(4) and
8 6034(C)(1)(a)(iii)(cc) and R.S. 51:2354(D) and 2399.3(A)(2)(c), and to repeal
9 Sections 4, 5, and 6 of Act No. 125 of the 2015 Regular Session of the Legislature;
10 relative to income and corporate franchise tax credits; to reduce the amounts of
11 certain credits; to provide for the continued effectiveness of certain previous
12 reductions; and to provide for related matters.
13Be it enacted by the Legislature of Louisiana:
14 Section 1. R.S. 47:287.759(A), 297(B) and (G)(2), 297.6(A)(1)(a), 6005(C)(1),
156013(A), 6020(D)(2)(a), 6022(D)(3)(introductory paragraph),
166034(C)(1)(a)(iii)(bb)(introductory paragraph) and (d)(ii), 6035(D), and 6037(B)(2)(b)(i)
17and (ii) and (c) are hereby amended and reenacted and R.S. 47:6022(D)(4) and
186034(C)(1)(a)(iii)(cc) are hereby enacted to read as follows:
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1 §287.759. Tax credit for employee and dependent health insurance coverage.
2 A. When any contractor or subcontractor in the letting of any contract for the
3 construction of a public work offers health insurance coverage as provided for in this
4 Section, they he shall be eligible for a three and six tenths percent income tax credit
5 on forty percent of the amount of the contract received in a tax year if eighty-five
6 percent of the full-time employees of each contractor are offered health insurance
7 coverage and each such general contractor or subcontractor pays seventy-five percent
8 of the total premium for such health insurance coverage for each full-time employee
9 who chooses to participate and pays not less than fifty percent of the total premium
10 for health insurance coverage for each dependent of the full-time employee who
11 elects to participate in dependent coverage.
12 * * *
13 §297. Reduction to tax due
14 * * *
15 B. The tax determined as provided in this Part shall be reduced by the
16 following: a credit for the elderly, a credit for contributions to candidates for public
17 office, an investment credit, a credit for foreign tax, a work incentive credit, jobs
18 credit, and residential energy credits. The amount of these credits shall be the lesser
19 of eighteen dollars or seven and two tenths of one percent of the same credits
20 allowed on the federal income tax return for the same taxable period.
21 * * *
22 G. There shall be an environmental equipment purchase tax credit to be
23 determined as follows:
24 * * *
25 (2) The tax credit shall be fourteen and four tenths percent of the purchase
26 price of the equipment if paid for in a single taxable year. If the equipment purchase
27 is financed over two or more taxable years, the tax credit in a taxable year shall be
28 fourteen and four tenths percent of that portion of the original purchase price paid
29 in that taxable year. For partnerships and Subchapter S Corporations, the tax credit
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1 shall proportionately pass through to each partner or shareholder in the same
2 percentage in which other shares of income, gain, loss, deduction or credit are
3 distributed in accordance with the partnership or shareholder agreement.
4 * * *
5 §297.6. Reduction to tax due; rehabilitation of residential structures
6 A.(1) There shall be a credit against individual income tax liability due under
7 this Title for the amount of eligible costs and expenses incurred during the
8 rehabilitation of an owner-occupied residential or owner-occupied mixed use
9 structure located in a National Register Historic District, a local historic district, a
10 Main Street District, a cultural products district, or a downtown development district,
11 or such owner-occupied residential structure that has been listed or is eligible for
12 listing on the National Register, or such structure that has been certified by the State
13 Historic Preservation Office as contributing to the historical significance of the
14 district, or a vacant and blighted owner-occupied residential structure located
15 anywhere in the state that is at least fifty years old. The tax credit authorized
16 pursuant to this Section shall be limited to one credit per structure rehabilitated. The
17 total credit shall not exceed eighteen thousand five hundred dollars per structure. In
18 order to qualify for that credit, the rehabilitation costs for the structure must exceed
19 ten thousand dollars.
20 (a) If the credit is for the rehabilitation of an owner-occupied residential
21 structure, the credit shall be eighteen and one-half of one percent of the eligible costs
22 and expenses of a rehabilitation for which an application for credit has been filed for
23 the first time after July 1, 2011 and on or before July 1, 2015. The credit shall be
24 eighteen and one-half percent of the eligible costs and expenses of a rehabilitation
25 for which an application for credit has been filed for the first time after July 1, 2015,
26 and on or before July 1, 2017, and the credit shall be eighteen percent of the eligible
27 costs and expenses of a rehabilitation for which an application for credit has been
28 filed for the first time after July 1, 2017. If the residential structure is owned and
29 occupied by two or more individuals, the applicable percentage shall be based on the
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1 sum of all owner-occupants who contribute to the rehabilitation, and the credit will
2 be divided between the owner-occupants in proportion to their contribution to the
3 eligible costs and expenses.
4 * * *
5 §6005. Qualified new recycling manufacturing or process equipment and service
6 contracts
7 * * *
8 C.(1) A taxpayer who purchases qualified new recycling manufacturing or
9 process equipment or qualified service contracts, or both, as defined in this Section
10 and certified by the secretary of the Department of Environmental Quality to be used
11 or performed exclusively in this state shall be entitled to a credit against any income
12 and corporation franchise taxes imposed by the state in an amount equal to fourteen
13 and four-tenths of one percent of the cost of the new recycling manufacturing or
14 process equipment or qualified service contract, or both, less the amount of any other
15 tax credits received for the purchase of such equipment or contract, or both.
16 * * *
17 §6013. Tax credits for donations made to public schools
18 A. There shall be allowed a credit against the corporate income tax and the
19 corporation franchise tax for qualified donations made to a public school. The credit
20 shall be an amount equal to twenty-eight and eight tenths percent of the appraised
21 value of the qualified donation. Any such credit shall be taken as a credit against the
22 corporate income or corporation franchise tax for the taxable year in which the
23 donation is made. The total of all such credits taken in a taxable year shall not exceed
24 the total tax liability for that taxable year.
25 * * *
26 §6020. Angel Investor Tax Credit Program
27 * * *
28 D. Tax credit
29 * * *
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1 (2)(a) An investor may apply for and, if qualified, be granted a credit on any
2 income or corporation franchise tax liability owed to the state by the taxpayer
3 seeking to claim the credit in the amount approved by the secretary of the
4 department. The amount of the tax credit shall be based upon the amount of money
5 invested by the investor in the Louisiana Entrepreneurial Business, which investment
6 shall not exceed seven hundred twenty thousand dollars per year per business and
7 one million four hundred forty thousand dollars total per business. Except as
8 otherwise provided in Subparagraph (b) of this Paragraph, the credit shall be allowed
9 against the income tax for the taxable period in which the credit is earned and the
10 franchise tax for the taxable period following the period in which the credit is earned.
11 The credits approved by the department shall be granted at the rate of twenty-five
12 and two tenths percent of the amount of the investment with the credit divided in
13 equal portions for five years.
14 * * *
15 §6022. Digital interactive media and software tax credit
16 * * *
17 D. Tax credit; specific projects.
18 * * *
19 (3) For applications for state-certified productions submitted to the office on
20 or after July 1, 2015, and before July 1, 2017, and subsequently approved by the
21 office and secretary, there are hereby authorized tax credits that shall be earned by
22 a company at the time funds are expended in Louisiana on a state-certified
23 production as follows:
24 * * *
25 (4) For applications for state-certified productions submitted to the office on
26 or after July 1, 2017, and subsequently approved by the office and secretary, there
27 are hereby authorized tax credits that shall be earned by a company at the time funds
28 are expended in Louisiana on a state-certified production as follows:
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1 (a) Credits shall be earned at the rate of eighteen percent of the base
2 investment.
3 (b) To the extent that base investment is expended on payroll for Louisiana
4 residents employed in connection with a state-certified production, additional tax
5 credits shall be earned at the rate of seven percent of the payroll.
6 * * *
7 §6034. Musical and theatrical production income tax credit
8 * * *
9 C. Income tax credits for state-certified productions and state-certified
10 musical or theatrical facility infrastructure projects:
11 (1) There is hereby authorized the following types of credits against the state
12 income tax:
13 (a)
14 * * *
15 (iii)
16 * * *
17 (bb) For state-certified projects that receive initial certification on or after
18 July 1, 2015, and before July 1, 2017, and except as limited for state-certified
19 infrastructure projects as provided for in this Subparagraph, the base investment
20 credit shall be for the following amounts:
21 * * *
22 (cc) For state-certified projects that receive initial certification on or after
23 July 1, 2017, and except as limited for state-certified infrastructure projects as
24 provided for in this Subparagraph, the base investment credit shall be for the
25 following amounts:
26 (I) If the total base investment is greater than one hundred thousand dollars
27 and less than or equal to three hundred thousand dollars, a company shall be allowed
28 a tax credit of seven percent of the base investment made by that company.
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1 (II) If the total base investment is greater than three hundred thousand dollars
2 and less than or equal to one million dollars, a company shall be allowed a tax credit
3 of fourteen percent of the base investment made by that company.
4 * * *
5 (d)
6 * * *
7 (ii) To the extent that base investment is expended on payroll for Louisiana
8 residents employed in connection with a state-certified musical or theatrical
9 production that receives initial certification on or after July 1, 2015, except for the
10 students provided for in Subparagraph (c) of this Paragraph, or the construction of
11 a state-certified musical or theatrical facility infrastructure project, a company shall
12 be allowed an additional tax credit of seven and two-tenths of one percent of such
13 payroll; however, if the amount paid to any one person exceeds one million dollars,
14 the additional credit shall not include any amount paid to that person that exceeds
15 one million dollars.
16 * * *
17 §6035. Tax credit for conversion of vehicles to alternative fuel usage
18 * * *
19 D. In cases where no previous credit has been claimed pursuant to
20 Subsection C of this Section for the cost of qualified clean-burning motor vehicle
21 fuel property in a new motor vehicle purchased by a taxpayer with qualified
22 clean-burning motor vehicle fuel property installed by the vehicle's manufacturer and
23 the taxpayer is unable to, or elects not to determine the exact cost which is
24 attributable to such property, the taxpayer may claim a credit against individual or
25 corporate income tax for the taxable period in which the motor vehicle is purchased
26 equal to seven and two tenths percent of the cost of the motor vehicle or one
27 thousand five hundred dollars, whichever is less, provided the motor vehicle is
28 registered in this state.
29 * * *
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1 §6037. Tax credit for "green job industries"
2 * * *
3 B. Income tax credits for state-certified green projects:
4 * * *
5 (2)
6 * * *
7 (b) The base investment credit for state-certified green projects shall be for
8 the following amounts:
9 (i) If the total base investment is greater than one hundred thousand dollars
10 and less than or equal to three hundred thousand dollars, a company shall be allowed
11 a tax credit of seven and two tenths of one percent of the base investment made by
12 that company.
13 (ii) If the total base investment is greater than three hundred thousand dollars
14 and less than or equal to one million dollars, a company shall be allowed a tax credit
15 of fourteen and four tenths of one percent of the base investment made by that
16 company.
17 * * *
18 (c) To the extent that base investment is expended on payroll for Louisiana
19 residents employed in connection with the construction of a state-certified green
20 project, a company shall be allowed an additional tax credit of seven and two tenths
21 of one percent of the payroll; however, if the amount paid to any one person exceeds
22 one million dollars, the additional credit shall not include any amount paid to that
23 person that exceeds one million dollars.
24 * * *
25 Section 2. R.S. 51:2354(B)(introductory paragraph) and (C) and
262399.3(A)(2)(b)(introductory paragraph) are hereby amended and reenacted and R.S.
2751:2354(D) and 2399.3(A)(2)(c) are hereby enacted to read as follows:
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1 §2354. Technology commercialization credit; amount; duration; forfeit
2 * * *
3 B. For applications for the technology commercialization credit approved on
4 or after July 1, 2015, and before July 1, 2017, the following shall apply:
5 * * *
6 C. For applications for the technology commercialization credit approved on
7 or after July 1, 2017, the following shall apply:
8 (1) Except as provided in Paragraph (2) of this Subsection, the taxpayer may
9 earn and apply for and, if qualified, be granted a refundable tax credit which may be
10 applied to any income or corporation franchise tax liability owed to the state by the
11 taxpayer seeking to claim the credit, equal in value to twenty-nine percent of the
12 amount of money invested by the taxpayer applicant in commercialization costs for
13 one business location meeting the requirements of R.S. 51:2353(C)(1) and (2) as
14 certified by the Department of Economic Development.
15 (2) A tax credit granted pursuant to this Part shall expire and have no value
16 or effect on tax liability beginning with the twenty-first tax year after the tax year in
17 which it was originally earned, applied for, and granted. An applicant that meets the
18 requirements of R.S. 51:2353 and is approved by the Department of Economic
19 Development may receive a refundable tax credit based on new jobs for the period
20 of time approved which shall be equal to four percent multiplied by the gross payroll
21 of new direct jobs meeting the requirements of R.S. 51:2353(C)(3) and (4) as
22 certified by the Department of Economic Development.
23 D. Upon approval of such an application, the Department of Economic
24 Development shall notify the Department of Revenue and shall provide it with a
25 copy of the certification. The Department of Revenue may require the qualified
26 employer to submit such additional information as may be necessary to administer
27 the provisions of this Chapter. The approved employer shall file applications for
28 refundable tax credits based on new jobs with the Department of Economic
29 Development to show its continued eligibility for the refundable tax credits. The
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1 employer may be audited by the Department of Economic Development to verify
2 such eligibility.
3 * * *
4 §2399.3. Modernization tax credit
5 A.
6 * * *
7 (2)
8 * * *
9 (b) For credits approved on and after July 1, 2015, and before July 1, 2017,
10 the following shall apply:
11 * * *
12 (c) For credits approved on and after July 1, 2017, the following shall apply:
13 (i) The credits approved by the department shall be granted at the rate of four
14 percent of the amount of qualified expenditures incurred by the employer for
15 modernization with the credit divided in equal portions for five years, subject to the
16 limitations provided for in other Paragraphs of this Subsection.
17 (ii) The total amount of modernization tax credits granted by the Department
18 of Economic Development in any calendar year shall not exceed seven million two
19 hundred thousand dollars irrespective of the year in which claimed. The department
20 shall by rule establish the method of allocating available tax credits to applicants,
21 including but not limited to a first come, first served system, reservation of tax
22 credits for a specified time period, or other method which the department, in its
23 discretion, may find beneficial to the program. In the event that the total amount of
24 credits granted in any calendar year is less than seven million two hundred thousand
25 dollars, any residual amount of unused credits shall carry forward for use in
26 subsequent years and may be granted in addition to the seven million two hundred
27 thousand dollar limit for each year.
28 * * *
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1 Section 3. Sections 7 and 8 of Act No. 125 of the 2015 Regular Session of the
2Legislature are hereby amended and reenacted to read as follows:
3 Section 7.(A) Except as provided for in Subsection (B) of this
4 Section, the provisions of Sections 1, 2, and 3 of this Act shall apply to a
5 claim for a credit on any return filed on or after July 1, 2015, through the
6 termination date in the Act that originated as House Bill No. 62 of the 2016
7 First Extraordinary Session of the Legislature regardless of the taxable year
8 to which the return relates.
9 (B) The provisions of Sections 1, 2, and 3 of this Act shall not apply
10 to an amended return filed on or after July 1, 2015, through the termination
11 date in the Act that originated as House Bill No. 62 of the 2016 First
12 Extraordinary Session of the Legislature relating to a credit properly claimed
13 on an original return filed prior to July 1, 2015.
14 (C) If a return is filed after July 1, 2015, through the termination date
15 in the Act that originated as House Bill No. 62 of the 2016 First
16 Extraordinary Session of the Legislature for which a valid filing extension
17 has been allowed prior to July 1, 2015, then any portion of the credit reduced
18 by the provisions of Sections 1, 2, or 3 of this Act shall be allowed as a credit
19 in the amount of one-third of the reduced portion of the credit on the
20 taxpayer's return for each of the taxable years beginning during calendar
21 years 2017, 2018, and 2019.
22 Section 8.(A) The provisions of Sections 1, 2, and 3 of this Act shall
23 become effective on July 1, 2015. In the event the Act that originated as
24 House Bill No. 62 of the 2016 First Extraordinary Session of the Legislature
25 is enacted and becomes effective, the provisions of Sections 1, 2, and 3 of
26 this Act shall remain in effect through the termination date in the Act that
27 originated as House Bill No. 62 of the 2016 First Extraordinary Session of
28 the Legislature.
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1 (B) The provisions of Sections 4, 5, and 6 of this Act shall become
2 effective upon the termination date of Sections 1, 2, and 3 of this Act, as
3 provided in this Section.
4 Section 4. Sections 4, 5, and 6 of Act No. 125 of the 2015 Regular Session of the
5Legislature are hereby repealed in their entirety.
6 Section 5. The Louisiana State Law Institute is hereby directed to redesignate R.S.
751:2399.3(A)(2)(c), (d), and (e) as designated prior to the effective date of this Act to R.S.
851:2399.3(A)(2)(d), (e), and (f).
9 Section 6. This Act shall become effective upon signature by the governor or, if not
10signed by the governor, upon expiration of the time for bills to become law without signature
11by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
12vetoed by the governor and subsequently approved by the legislature, this Act shall become
13effective on the day following such approval.
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 651 Engrossed 2017 Regular Session Broadwater
Abstract: Provides relative to corporate income tax credits.
Proposed law amends certain income and sales tax credits and exemptions as follows:
(1)(R.S. 47:287.759) Income tax credits for employee and dependent health insurance
from 3 6/10ths% to 4% on 40% of the amount of the contract received in a tax year
if 85% of the full-time employees of each contractor are offered health insurance
and each contractor or sub-contractor pays 75% of the premium for each full-time
employee.
(2)(R.S. 47:297(B)) Income tax credits for elderly, contributions to candidate for public
office, investments, foreign taxes, work incentive, jobs and residential energy credits
from 7 2/10ths% to 7%.
(3)(R.S. 47:297(G) Income tax credit for environmental equipment purchase from 14
4/10ths% to 14%.
(4)(R.S. 47:297.6) Income tax reduction for rehabilitation of owner-occupied residential
structures from 18 ½% to 18% of the eligible costs and expenses.
(5)(R.S. 47:6005) Sales tax exemption for purchase of new recycling manufacturing or
process equipment and service contracts from 14 4/10ths% to 14% of the cost of the
equipment or contract.
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(6)(R.S. 47:6013) Corporate income and franchise tax credit for donations made to a
public school from 28 8/10ths% to 28%.
(7)(R.S. 47:6020) Angel Investor Tax Credit from 25 2/10ths% to 25% of the amount
of investment.
(8)(R.S. 47:6022) Corporate Income tax credit for digital interactive media and software
from 7 2/10ths% to 7%.
(9)(R.S. 47:6034) Income tax credit for musical and theatrical production where total
base investment is between $100,000 and $300,000 from 7 2/10ths% to 7%; and
where the total base investment is between $300,000 and $1 million from 14
4/10ths% to 14%; and if the base investment is spent on payroll for Louisiana
residents, an additional credit from 7 2/10ths% to 7%.
(10)(R.S. 47:6035) Corporate income tax credit for conversion of vehicles to alternative
fuel from 7 2/10ths% to 7% of the cost of the motor vehicle.
(11)(R.S. 47:6037) Income tax credit for green jobs industries where total base
investment is between $100,000 and $300,000 from 7 2/10ths% to 7%; and where
the total base investment is between $300,000 and $1 million from 14 4/10ths% to
14%; and if the base investment is spent on payroll for Louisiana residents, an
additional $1 million credit from 7 2/10ths% to 7%.
(12)(R.S. 51:2354) Technology commercialization credit from 28 8/10ths% to 29% of
the money invested in commercialization costs for one business location; and a credit
for new jobs created from 4 32/100ths% to 4%.
(13)(R.S. 51:2399.3) Modernization credit approved on or after July 1, 2015, from 3
6/10ths% to 4%.
Proposed law repeals the sunset date (June 30, 2018) for the 28% reductions to the following
tax credits contained in Act No. 125 of the 2015 R.S., as amended by Act No. 29 of the 2016
1st ES, thereby providing for the continued effectiveness of the 28% reductions:
(1)R.S. 25:1226.4 Atchafalaya Trace Heritage Area Development Zone tax credit
(2)R.S. 47:34 Corporation tax credit
(3)R.S. 47:35 Neighborhood assistance tax credit
(4)R.S. 47:37 Credit for contributions to educational institutions
(5)R.S. 47:227 Offset against tax; insurance premium
(6)R.S. 47:265 Credits arising from refunds by utilities
(7)R.S. 47:287.664 Credits arising from refunds by utilities
(8)R.S. 47:287.748 Corporation tax credit; re-entrant jobs credit
(9)R.S. 47:287.749 Jobs credit
(10)R.S. 47:287.752 Credit for employment of first-time nonviolent offenders
(11)R.S. 47:287.753 Neighborhood assistance tax credit
(12)R.S. 47:287.755 Credit for contributions to educational institutions
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(13)R.S. 47:287.758 Credit for bone marrow donor expense
(14)R.S. 47:287.759 Credit for employee and dependent health insurance coverage
(15)R.S. 47:297 Reduction to tax due
(16)R.S. 47:297.6 Credit for rehabilitation of residential structures
(17)R.S. 47:297.9 Certain military service members and dependents hunting and fishing
licenses
(18)R.S. 47:6004 Employer Credit
(19)R.S. 47:6005 Qualified new recycling manufacturing equipment and service
contracts
(20)R.S. 47:6008 Credit for donations to assist playgrounds in economically depressed
areas
(21)R.S. 47:6009 Louisiana Basic Skills Training Tax Credit
(22)R.S. 47:6012 Employer tax credits for donations of materials, equipment, advisors,
or instructors
(23)R.S. 47:6013 Credit for donations to public schools
(24)R.S. 47:6017 Credit for expenses paid by economic development corporations
(25)R.S. 47:6018 Credit for purchasers from "PIE contractors"
(26)R.S. 47:6020 Angel Investor tax credit program
(27)R.S. 47:6022 Digital interactive media and software tax credit
(28)R.S. 47:6023 Sound recording investor tax credit
(29)R.S. 47:6025 Credit for La. Citizens Property Insurance Corp. assessment
(30)R.S. 47:6026 Cane River heritage tax credit
(31)R.S. 47:6032 Credit for certain milk producers
(32)R.S. 47:6034 Musical and theatrical production income tax credit
(33)R.S. 47:6035 Credit for conversion of vehicles to alternative fuel usage
(34)R.S. 47:6036 Ports of Louisiana tax credit
(35)R.S. 47:6037 Credit for "green job industries"
(36)R.S. 51:1807 Incentives (Urban Revitalization)
(37)R.S. 51:2354 Technology commercialization credit
(38)R.S. 51:2399.3 Modernization tax credit
(39)R.S. 51:3085 Community Development Financial Institution tax credit
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Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 47:287.759(A), 297(B) and (G)(2), 297.6(A)(1)(a), 6005(C)(1), 6013(A),
6020(D)(2)(a), 6022(D)(3)(intro. para.), 6034(C)(1)(a)(iii)(bb)(intro. para.) and (d)(ii),
6035(D), and 6037(B)(2)(b)(i) and (ii) and (c), R.S. 51:2354(B)(intro. para.) and (C), and
2399.3(A)(2)(b)(intro. para.), and §§7 and 8 of Act No. 125 of 2015 R.S.; Adds R.S.
47:6022(D)(4) and 6034(C)(1)(a)(iii)(cc) and R.S. 51:2354(D) and 2399.3(A)(2)(c); Repeals
§§4, 5, and 6 of Act No. 125 of 2015 R.S.)
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