La. Admin. Code tit. 61, § I-6328 - QEC Final Certification Procedures
A. By March 1 of every year, QECs may request
final certification of credits by filing its employee W-2s with the office and
its assigned CPA, and any other additional information as requested by LED to
verify conformance with statutory requirements.
B. An expenditure verification report shall
then be completed by an independent certified public accountant, licensed in
the state of Louisiana and assigned by LED. Failure to submit W2s by March 1
may result in credit issuance being delayed into the next available fiscal
year.
C. After receipt and review
of the expenditure verification report, and any other supporting documentation,
the office and the secretary shall issue a final tax credit certification
letter to the QEC indicating the type, credit rate and amount of credits
granted, in accordance with the provisional allocations and amounts set forth
in the tax credit reservation schedule, or a written denial.
1. In the event that less than the reserved
amount of tax credits has been verified, any unused credits will be released
and made available for issuance by the office.
2. In the event that more than the reserved
amount of tax credits has been verified, the office shall preliminarily issue
tax credits in an amount not to exceed the total set forth in the tax credit
reservation schedule, but may at its discretion, subsequently issue a
supplemental tax credit for any excess expenditures, subject to availability of
credits in any given fiscal year.
D. Tax credits shall be issued on a first
come, first serve basis, until the QEC or total cap have been met, in
accordance with program rules.
E.
If the total amount of credits applied for in any particular year exceeds the
total or QEC cap for that year, the excess shall be treated as having been
applied for on the first day of the subsequent year.
F. After review of the expenditure
verification report, final tax credit certification letter (if any), and any
other pertinent factors, including but not limited to availability of tax
credits in any given year, future year tax credit reservations may be revised,
by amending the tax credit reservation schedule.
Notes
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