IMPLEMENTATION LEVEL

Subnational

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 15 Aug 2009 | Removal date: open ended
Still in force

Tax or social insurance relief

On July 9, 2009 the governor of Louisiana signed into law a bill (HB 215) that creates a cargo and infrastructure tax credit for the state’s ports. It authorizes the Department of Economic Development (DED) to grant a tax credit equal to the total "capital costs" of a "qualifying project" in a Louisiana "port or port and harbor" to be taken at 5% per tax year if the commissioner of administration, after approval of the Joint Legislative Committee on the Budget and the state bond commission, certifies to the secretary of the department that there will be sufficient revenue received by the state to offset the effect to the state of the tax credits provided for the capital costs of the project, whether from increased port or port and harbor activity because of the grant of the tax credit or otherwise. The tax credit may be carried forward for 10 years.

 

The law also authorizes, beginning Jan. 1, 2009, a credit against the income tax of a taxpayer who has received certification from the secretary of the DED in an amount equal to the product of multiplying $5.00 by the taxpayer's number of tons of "qualified cargo" for the taxable year, but only for the total amount of the allocation provided to the taxpayer by the secretary of DED for such taxable year. The tax credit is only allowed for all or a portion of a fiscal year if the commissioner of administration certifies to DED that there will be sufficient revenue received by the state to offset the effect to the state of the tax credits from increased utilization of public port facilities, and such certification is approved by the JLCOB. The tax credit may be carried forward for 5 years. "Qualified cargo" is defined as any "breakbulk" or "containerized" machinery, equipment, materials, products, or commodities owned by an "international business entity" which are imported or exported to or from a facility located in La. and which are moved by way of an oceangoing vessel berthed at a public port facility during the taxable year.

AFFECTED COUNTRIES

MAP
TABLE
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AFFECTED SECTORS AND PRODUCTS

671 Cargo handling services

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