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THE IDEA VILLAGE
NEW ORLEANS ENTREPRENEUR WEEK
	
  
TAX	
  AND	
  OTHER	
  INCENTIVES	
  FOR	
  
ENTREPRENEURSHIP	
  IN	
  LOUISIANA	
  
	
  
NEW	
  ORLEANS,	
  LA	
  
MARCH	
  27,	
  2014	
  
	
  
Sco5	
  T.	
  Whi5aker,	
  Stone	
  Pigman	
  Walther	
  Wi?mann	
  LLC	
  	
  
	
  
Charlie	
  Romaine,	
  Louisiana	
  Economic	
  Development	
  
	
  
Daniel	
  J.	
  Walter,	
  Stone	
  Pigman	
  Walther	
  Wi?mann	
  LLC	
  	
  
	
  
Brandon	
  A.	
  Lagarde,	
  Postlethwaite	
  &	
  Ne?erville,	
  APAC	
  
	
  
Arman	
  Sadeghpour	
  PhD,	
  Theodent	
  	
  
	
  
	
  
Introductions
BUSINESS	
  INCENTIVES	
  
OpportunityLouisiana.com	
  
Charlie	
  Romaine	
  Assistant	
  Director	
  BERG	
  
	
  
	
  
 
	
  
2
LOUISIANA	
  ECONOMIC	
  DEVELOPMENT	
  
	
  
Website	
  Homepage 	
   	
   	
   	
   	
  
	
  www.OpportunityLouisiana.com	
  
	
  
	
  
LOUISIANA	
  ECONOMIC	
  DEVELOPMENT	
  
	
  
An	
  interacJve	
  tool	
  allowing	
  a	
  business	
  to	
  discover	
  which	
  incenJves	
  their	
  business	
  may	
  be	
  
eligible	
  for	
  and	
  the	
  potenJal	
  tax	
  benefits.	
  
	
  
•  	
  Am	
  I	
  eligible	
  for	
  any	
  incenJves	
  offered	
  in	
  Louisiana?	
  
•  	
  What	
  is	
  my	
  potenJal	
  tax	
  benefit?	
  
•  What	
  are	
  my	
  next	
  steps	
  to	
  receive	
  these	
  incenJves?	
  
§  Takes	
  less	
  than	
  15	
  minutes	
  to	
  navigate	
  through	
  the	
  eligibility	
  quesJonnaire	
  for	
  all	
  LED	
  
administered	
  programs.	
  	
  	
  
	
  
§  To	
  get	
  started	
  visit:	
  
h?p://incenJveevaluator.louisianaeconomicdevelopment.com/Welcome.aspx	
  
Louisiana	
  IncenOve	
  Evaluator	
  
3
4
Part	
  I:	
  	
  Louisiana	
  Economic	
  Development	
  CorporaOon	
  
	
   	
   	
  	
  
	
   	
   	
  Small	
  Business	
  Loan	
  and	
  Guaranty	
  Program	
  
	
   	
   	
  	
  
	
   	
   	
  	
  
	
  
	
  
	
  
	
  
	
   	
  	
  
	
   	
   	
  	
  
	
  
	
   	
  	
  
Part	
  II:	
  	
  Board	
  of	
  Commerce	
  and	
  Industry	
  
	
  
	
   	
   	
  Industrial	
  Tax	
  ExempOon	
  Program	
  
	
   	
   	
  RestoraOon	
  Tax	
  Abatement	
  Program	
  
	
   	
   	
  Quality	
  Jobs	
  Program	
  
	
   	
   	
  Enterprise	
  Zone	
  Program	
  
	
  
AGENDA	
  
SMALL	
  BUSINESS	
  LOAN	
  AND	
  GUARANTY	
  
PROGRAM	
  
SMALL	
  BUSINESS	
  LOAN	
  AND	
  GUARANTY	
  PROGRAM	
  
§  Loan	
  assistance	
  program:	
  provides	
  up	
  to	
  75%	
  loan	
  guarantees	
  
	
  	
  	
  	
  or	
  state	
  direct	
  loan	
  parJcipaJons	
  up	
  to	
  40%	
  to	
  facilitate	
  capital	
  accessibility	
  
§  Loan	
  guarantees	
  ranges	
  from	
  $5,000	
  minimum	
  to	
  $1.5	
  million	
  
	
  
Benefit:	
  
6
Eligibility	
  (not	
  	
  comprehensive):	
  
§ 	
  Must	
  increase	
  employment	
  within	
  specified	
  Jme	
  frame	
  
§ 	
  Must	
  hire	
  35%	
  of	
  new	
  workers	
  from	
  one	
  of	
  four	
  targeted	
  groups	
  
• 	
  	
  Revolving	
  Lines	
  of	
  Credit	
  
• 	
  	
  Startups	
  
• 	
  	
  AcquisiJons	
  
• 	
  	
  Expansions	
  
• 	
  	
  Fixed	
  asset	
  purchases	
  
• 	
  	
  Purchase	
  or	
  construcJon	
  of	
  	
  	
  	
  	
  	
  	
  	
  	
  
	
  building	
  (limited	
  to	
  51%	
  applicant	
  
	
  occupancy)	
  
• 	
  	
  Restaurants	
  (except	
  franchises)	
  
• 	
  	
  Bars	
  and	
  Saloons	
  
• 	
  	
  Gaming	
  businesses	
  
• 	
  	
  Real	
  estate	
  speculaJon	
  
• 	
  	
  RecreaJonal,	
  theme	
  or	
  	
  
	
  	
  	
  amusement	
  parks	
  
• 	
  	
  Camping	
  faciliJes	
  
	
  
SMALL	
  BUSINESS	
  LOAN	
  AND	
  GUARANTY	
  PROGRAM	
  
Eligible	
  Loan	
  Types	
   Ineligible	
  Loan	
  Types	
  
7
Accoin	
  Louisiana	
  
BanCorp	
  South	
  
Community	
  Trust	
  Bank	
  
Farmers-­‐Merchant	
  Bank	
  &	
  Trust	
  
Home	
  Bank	
  
Iberville	
  Bank	
  
Jeff	
  Davis	
  Bank	
  
MidSouth	
  Bank,	
  NA	
  
Regions	
  Bank	
  
Synergy	
  Bank	
  
Whitney	
  Bank	
  
First	
  Bank	
  and	
  Trust	
  
American	
  Gateway	
  Bank	
  
Capital	
  One,	
  NA	
  
Enterprise	
  Corp	
  of	
  the	
  Delta	
  
Guaranty	
  Bank	
  &	
  Trust	
  
IberiaBank	
  
Investar	
  Bank	
  
Liberty	
  Bank	
  
Red	
  River	
  Bank	
  
Seedco	
  Financial	
  
Teche	
  Federal	
  Bank	
  
First	
  NBC	
  
Co?onport	
  Bank	
  
	
  
	
  
SMALL	
  BUSINESS	
  LOAN	
  AND	
  GUARANTY	
  PROGRAM	
  
	
  
LIST	
  OF	
  BANKS	
  AND	
  FINANCIAL	
  INSTITUTIONS	
  
8
CONTACT
OpportunityLouisiana.com
@LED Louisiana
9
Seth	
  Brown 	
  	
  
Loan	
  Investment	
  Officer	
  
Louisiana	
  Economic	
  Development	
  
225-­‐342-­‐5254	
  
Seth.Brown@la.gov	
  
ChrisOan	
  Pennington	
  
Loan	
  Investment	
  Officer	
  
Louisiana	
  Economic	
  Development	
  
225-­‐342-­‐5883	
  
ChrisJan.Pennington@la.gov	
  
Susan	
  Bigner	
  
Loan	
  Investment	
  Officer	
  
Louisiana	
  Economic	
  Development	
  
225-­‐342-­‐5651	
  
Susan.Bigner@la.gov	
  
INDUSTRIAL	
  TAX	
  EXEMPTION	
  PROGRAM	
  
OpportunityLouisiana.com	
  
INDUSTRIAL	
  TAX	
  EXEMPTION	
  PROGRAM	
  
	
  
§  Property	
  tax	
  abatement:	
  provides	
  a	
  100%	
  property	
  tax	
  
	
  abatement	
  for	
  up	
  to	
  10	
  years	
  on	
  manufacturer’s	
  qualifying	
  
	
  	
  	
  capital	
  investments	
  
	
  
	
  
ELIGIBILITY	
  (not	
  comprehensive)	
  
	
  
§  	
  Applies	
  only	
  to	
  capital	
  investments	
  by	
  Louisiana	
  manufacturers	
  
§  	
  Property	
  must	
  remain	
  on	
  the	
  site	
  at	
  all	
  Jmes	
  
	
  
BENEFIT	
  
	
  
11
CONTACT
OpportunityLouisiana.com
@LED Louisiana
12
Lori Weber
Program Administrator
Louisiana Economic Development
225-342-6442
Lori.Weber@la.gov
RESTORATION	
  TAX	
  ABATEMENT	
  PROGRAM	
  
OpportunityLouisiana.com	
  
RESTORATION	
  TAX	
  ABATEMENT	
  PROGRAM	
  
	
  
BENEFIT	
  
Property	
  tax	
  abatement:	
  provides	
  five-­‐
year	
  100%	
  abatement	
  for	
  the	
  
rehabilitaJon	
  of	
  an	
  exisJng	
  structure	
  
based	
  on	
  assessed	
  valuaJon	
  of	
  property	
  
prior	
  to	
  beginning	
  of	
  improvements	
  
	
  
ELIGIBILITY	
  (not	
  comprehensive)	
  
Must	
  be	
  located	
  in	
  a	
  qualifying	
  district	
  and	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
approved	
  by	
  local	
  governing	
  authority.	
  
Does	
  not	
  exempt	
  the	
  acquisiJon	
  cost	
  of	
  the	
  	
  	
  	
  
structure.
Contact: Allison Saunders
Tax Incentives Director
Culture Recreation and Tourism
Division of Historic Preservation
(225)342-8155
asaunders@crt.la.gov
14
CONTACT
OpportunityLouisiana.com
@LED Louisiana
15
Becky Lambert
Program Administrator
Louisiana Economic Development
225-342-6070
Becky.Lambert@la.gov
Quality	
  Jobs	
  Program	
  
OpportunityLouisiana.com	
  
17
	
  
§  Provides	
  a	
  cash	
  rebate	
  to	
  companies	
  
creaJng	
  well-­‐paid	
  jobs	
  and	
  promote	
  
economic	
  development.	
  
	
  
	
  
	
  
§  5% or 6% rebate on annual gross
payroll of new, direct jobs
§  Sales/use tax rebate or
Investment Tax Credit (If the
Enterprise Zone hiring requirements
and certifications are met)
§  Five year contract with an option to
renew for an additional five years.
	
  
QUALITY JOBS
BENEFITS
OVERVIEW
18
QUALITY JOBS
§  Business must be in one of the following industries: Bioscience, manufacturing,
software, environmental technology, food technology, advanced materials or oil
and gas field service
or
§  At least 50% of total annual sales are to out-of-state and/or to in-state customers
or buyers if the product or service is resold by the purchaser to an out-of-state
customer or buyer, or to the federal government.
or
§  Must be located in a LED designated distressed region. A distressed region shall
be either of the following:
•  A parish within the lowest 25% of parishes based on per capita income.
•  A census tract block group below the state median per capita income.
ELIGIBILITY (not comprehensive)	
  	
  	
  
CONTACT
OpportunityLouisiana.com
@LEDLouisiana
Frank Favaloro
Program Administrator
225-342-5402
Frank.Favaloro@la.gov
Becky Lambert
Program Administrator
225-342-6070
Becky.Lambert@la.gov
19
ENTERPRISE	
  ZONE	
  PROGRAM	
  
OpportunityLouisiana.com	
  
23
ENTERPRISE ZONE PROGRAM
OVERVIEW
	
  
The	
  Enterprise	
  Zone	
  Program (EZ)	
  is	
  a	
  jobs	
  incenJve	
  program	
  that	
  provides	
  tax	
  relief/
benefits	
  to	
  businesses	
  located	
  in	
  Louisiana	
  creaJng	
  permanent	
  net	
  new	
  full	
  Jme	
  jobs.	
  
	
  
Ø  Of	
  the	
  permanent	
  net	
  new	
  full-­‐Jme	
  jobs	
  created	
  50%	
  of	
  these	
  new	
  jobs	
  must	
  
meet	
  one	
  or	
  more	
  of	
  the	
  program	
  cerJficaJon	
  requirements:	
  
•  	
  	
  Residency	
  	
  
•  	
  	
  Public	
  Assistance	
  	
  	
  
•  	
  	
  Lacking	
  Basic	
  Skills	
  
•  	
  	
  Unemployable	
  by	
  TradiJonal	
  Standards	
  
	
  
21
ENTERPRISE	
  ZONE	
  PROGRAM	
  
	
  
§  One	
  Ome	
  $2,500	
  Job	
  Tax	
  Credit	
  (JTC)	
  
§  For	
  each	
  permanent	
  net	
  new	
  job	
  created	
  This	
  credit	
  can	
  be	
  applied	
  towards	
  your	
  Louisiana	
  
income	
  and/or	
  franchise	
  tax	
  liabiliJes.	
  The	
  JTC’s	
  earned	
  cannot	
  be	
  sold	
  or	
  transferred.	
  
AND	
  	
  
§  4%	
  State	
  Sales	
  and	
  Use	
  Tax	
  Rebate	
  
§  Rebate	
  is	
  claimed	
  against	
  and	
  calculated	
  on	
  state	
  taxes	
  paid	
  on	
  qualifying	
  materials,	
  
machinery,	
  furniture,	
  and	
  equipment	
  purchased	
  associated	
  with	
  the	
  total	
  investment.	
  
	
  
OR	
  
§  1.5%	
  Refundable	
  Investment	
  Tax	
  Credit	
  (ITC)	
  
§  Refund	
  is	
  calculated	
  on	
  your	
  total	
  capital	
  investment,	
  excluding	
  tax	
  exempted	
  items.	
  
	
  
	
  
	
  NOTE:	
  	
   	
  A	
  business	
  does	
  not	
  have	
  to	
  make	
  a	
  capital	
  investment	
  to	
  par5cipate	
  in	
  the	
  
	
   	
   	
  Enterprise	
  Zone	
  Program,	
  only	
  create	
  permanent	
  net	
  new	
  full	
  5me	
  
jobs.	
  
	
  	
  	
  	
  
	
  
BENEFITS	
  
22
ENTERPRISE	
  ZONE	
  PROGRAM	
  
	
  
	
  
	
  §  Create,	
  at	
  minimum,	
  5	
  permanent	
  net	
  new	
  full	
  Jme	
  jobs	
  within	
  24	
  months	
  of	
  project	
  start	
  date/
contract	
  effecJve	
  date;	
  or	
  	
  
§  Increase	
  exisJng	
  naJonwide	
  workforce	
  by	
  10%	
  within	
  the	
  first	
  12	
  months	
  of	
  the	
  project	
  start	
  
date/contract	
  effecJve	
  date	
  ;	
  and	
  
	
  
§  50%	
  of	
  the	
  net	
  new	
  full	
  Jme	
  jobs	
  created	
  must	
  meet	
  one	
  or	
  more	
  of	
  the	
  following	
  	
  
	
  cerJficaJon	
  requirements:	
  	
  
	
  	
  	
  
•  Residency	
  	
  
•  Public	
  Assistance	
  	
  	
  
•  Lacking	
  Basic	
  Skills	
  
•  Unemployable	
  by	
  TradiJonal	
  Standards	
  
ELIGIBILITY 	
  	
  
23
CONTACT
OpportunityLouisiana.com
@LEDLouisiana
Roshonda Hanible
Program Administrator
225-342-5382
Roshonda.Hanible@la.gov
Joyce Metoyer
Program Administrator
225-342-0485
Joyce.Metoyer@la.gov
24
CONTACT
OpportunityLouisiana.com
@LED Louisiana
25
Charlie Romaine
Assistant Director BERG
Louisiana Economic Development
225-342-5444
Charlie.Romaine@la.gov
New	
  Orleans	
  
Entrepreneur	
  Week	
  
	
  
March	
  27,	
  2014	
  
Presented	
  by:	
  	
  
Daniel	
  J.	
  Walter	
  
504.593.0826	
  |	
  dwalter@stonepigman.com	
  
stonepigman.com
Louisiana	
  Tax	
  IncenJves	
  
Ø  Angel	
  Investor	
  Tax	
  Credit	
  
Ø  Research	
  &	
  Development	
  Tax	
  Credit	
  
Ø  Digital	
  InteracJve	
  Media	
  and	
  Sonware	
  
Tax	
  Credit	
  
Ø  Technology	
  CommercializaJon	
  Credit	
  and	
  
Jobs	
  Program	
  
stonepigman.com2
Angel	
  Investor	
  Tax	
  Credit	
  
Ø  Investment	
  in	
  a	
  cerJfied	
  Louisiana	
  
Entrepreneurial	
  Business	
  (LEB)	
  
Ø  Accredited	
  investors	
  
§  Angel	
  pool	
  
§  High	
  net	
  worth	
  individuals	
  
§  EnJty	
  consisJng	
  of	
  accredited	
  investors	
  
Ø  Tax	
  credit	
  of	
  35%	
  of	
  investment	
  
§  Taken	
  over	
  5	
  years	
  
stonepigman.com3
Angel	
  Investor	
  Tax	
  Credit	
  
Ø  Louisiana	
  Entrepreneurial	
  Business	
  (LEB)	
  
§  Principal	
  business	
  operaJons	
  in	
  Louisiana	
  
§  Greater	
  than	
  50%	
  of	
  sales	
  outside	
  Louisiana	
  
§  50	
  or	
  fewer	
  full	
  Jme	
  employees	
  
§  Not	
  primarily	
  engaged	
  in:	
  
•  Retail	
  sales,	
  real	
  estate,	
  professional	
  
services,	
  natural	
  resource	
  exploraJon	
  or	
  
extracJon,	
  or	
  financial	
  services	
  
stonepigman.com4
Angel	
  Investor	
  Tax	
  Credit	
  
Ø  ApplicaJon	
  Process	
  
§  Apply	
  to	
  LED	
  for	
  cerJficaJon	
  as	
  a	
  LEB	
  
§  Submit	
  applicaJon	
  for	
  reservaJon	
  of	
  credits	
  
on	
  January	
  1	
  
§  Receive	
  ReservaJon	
  Le?er	
  
§  Submit	
  proof	
  of	
  investment	
  within	
  60	
  days	
  
§  LED	
  issues	
  tax	
  credit	
  cerJficaJon	
  le?er	
  to	
  
the	
  Investor	
  
stonepigman.com5
Angel	
  Investor	
  Tax	
  Credit	
  
Ø  Contact	
  
§  Richard	
  Broussard	
  –	
  Business	
  Development	
  
Manager	
  
•  broussard@la.gov	
  
•  225.342.1940	
  
stonepigman.com6
Research	
  &	
  Development	
  
Ø  Piggyback	
  on	
  the	
  Federal	
  R&D	
  Credit	
  
Ø  Based	
  on	
  "qualified	
  research	
  
expenses"	
  (QRE)	
  
§  Wages	
  of	
  employees	
  conducJng	
  qualified	
  
research	
  
§  Costs	
  of	
  supplies	
  used	
  in	
  the	
  conduct	
  of	
  
qualified	
  research	
  
§  PorJon	
  of	
  contract	
  research	
  expenses	
  
Ø  Qualified	
  Research	
  
stonepigman.com7
Research	
  &	
  Development	
  
Ø  Amount	
  of	
  Louisiana	
  R&D	
  Credit	
  
§  Greater	
  than	
  100	
  employees	
  
•  8%	
  of	
  Louisiana	
  QRE	
  in	
  excess	
  of	
  the	
  base	
  
amount	
  
§  Between	
  50	
  and	
  99	
  employees	
  
•  20%	
  of	
  Louisiana	
  QRE	
  in	
  excess	
  of	
  the	
  base	
  
amount	
  
§  Less	
  than	
  50	
  employees	
  
•  40%	
  of	
  Louisiana	
  QRE	
  
§  40%	
  of	
  Small	
  Business	
  InnovaJon	
  Research	
  
Grant	
  
stonepigman.com8
Research	
  &	
  Development	
  
Ø  ApplicaJon	
  Process	
  
§  Submit	
  ApplicaJon	
  to	
  LED	
  
•  Includes	
  descripJon	
  and	
  evidence	
  of	
  
Louisiana	
  QRE	
  
§  LED	
  approves	
  the	
  applicaJon	
  
§  LED	
  noJfies	
  the	
  Louisiana	
  Department	
  of	
  
Revenue	
  
§  Claim	
  credit	
  on	
  tax	
  return	
  
stonepigman.com9
Research	
  &	
  Development	
  
Ø  Contact	
  
§  Eric	
  Burton	
  –	
  Program	
  Administrator	
  
•  eric.burton@la.gov	
  
•  225.342.5340	
  
§  Shamelda	
  Pete	
  –	
  Business	
  Development	
  
Officer	
  
•  spete@la.gov	
  
•  225.342.5341	
  
stonepigman.com10
Digital	
  InteracJve	
  Media	
  
Ø  State-­‐CerJfied	
  Digital	
  InteracJve	
  Media	
  
ProducJon	
  
§  Includes	
  
•  Video	
  or	
  interacJve	
  games	
  
•  SimulaJon	
  sonware	
  
•  InteracJve	
  educaJonal	
  or	
  training	
  programs	
  
§  Excludes	
  
•  Sonware	
  for	
  internal	
  use	
  
•  StaJc	
  internet	
  sites	
  
stonepigman.com11
Digital	
  InteracJve	
  Media	
  
Ø  Amount	
  of	
  Tax	
  Credit	
  
§  25%	
  of	
  base	
  investment	
  in	
  Louisiana	
  
•  ProducJon	
  expenses	
  
•  Component	
  parts	
  
§  35%	
  of	
  payroll	
  
Ø  Credits	
  earned	
  in	
  the	
  calendar	
  year	
  in	
  
which	
  the	
  funds	
  are	
  expended	
  
Ø  No	
  cap	
  
stonepigman.com12
Digital	
  InteracJve	
  Media	
  
Ø  ApplicaJon	
  Process	
  
§  Apply	
  to	
  LED	
  for	
  cerJficaJon	
  
§  LED	
  issues	
  iniJal	
  cerJficaJon	
  le?er	
  
•  EffecJve	
  for	
  expenses	
  incurred	
  up	
  to	
  six	
  
months	
  prior	
  to	
  the	
  date	
  of	
  the	
  le?er	
  
§  Submit	
  cost	
  report	
  of	
  producJon	
  
expenditures	
  prepared	
  by	
  CPA	
  
§  LED	
  issues	
  final	
  tax	
  credit	
  cerJficaJon	
  le?er	
  
§  Claim	
  credit	
  on	
  tax	
  return	
  OR	
  receive	
  85%	
  
rebate	
  at	
  the	
  Jme	
  of	
  final	
  cerJficaJon	
  
stonepigman.com13
Digital	
  InteracJve	
  Media	
  
Ø  Contact	
  
§  Heath	
  Williams	
  –	
  Director	
  Digital	
  InteracJve	
  
Media	
  
•  heath.williams@la.gov	
  
•  225.342.3571	
  
stonepigman.com14
Technology	
  CommercializaJon	
  
Ø  Refundable	
  Tax	
  Credit	
  of	
  40%	
  of	
  
commercializaJon	
  costs	
  
§  Machinery	
  and	
  equipment	
  
§  Fees	
  relaJng	
  to	
  IP	
  
§  Payments	
  to	
  Louisiana	
  universiJes	
  under	
  
research	
  agreements	
  
§  Payments	
  for	
  clinical	
  research	
  or	
  trials	
  
Ø  6%	
  payroll	
  rebate	
  for	
  new	
  direct	
  jobs	
  
Ø  Requires	
  a	
  research	
  agreement	
  with	
  a	
  
Louisiana	
  University	
  
stonepigman.com15
Technology	
  CommercializaJon	
  
Ø  Contact	
  
§  Shamelda	
  Pete	
  –	
  Business	
  Development	
  
Officer	
  
•  spete@la.gov	
  
•  225.342.5341	
  
stonepigman.com16
Accounting Issues
Brandon	
  A.	
  Lagarde,	
  CPA,	
  JD,	
  LLM	
  |	
  Tax	
  Director	
  
8550	
  United	
  Plaza	
  Blvd.	
  |	
  Suite	
  1001	
  |	
  Baton	
  Rouge,	
  LA	
  70809	
  
Phone:	
  (225)	
  922-­‐4600	
  |	
  Direct:	
  (225)	
  408-­‐4714	
  |	
  Fax:	
  (225)	
  922-­‐4611	
  
Postlethwaite	
  &	
  Netterville,	
  APAC	
  |	
  www.pncpa.com	
  	
  
Accounting Issues
Arman	
  Sadeghpour	
  PhD	
  
President	
  &	
  CEO,	
  Theodent	
  
www.theodent.com	
  
	
  
Louisiana
Economic
Development	
  
Louisiana
Economic
Development	
  Theodent Thanks you!
Questions?

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Tax and Other Incentives for Entrepreneurship in Louisiana

  • 1. THE IDEA VILLAGE NEW ORLEANS ENTREPRENEUR WEEK   TAX  AND  OTHER  INCENTIVES  FOR   ENTREPRENEURSHIP  IN  LOUISIANA     NEW  ORLEANS,  LA   MARCH  27,  2014    
  • 2. Sco5  T.  Whi5aker,  Stone  Pigman  Walther  Wi?mann  LLC       Charlie  Romaine,  Louisiana  Economic  Development     Daniel  J.  Walter,  Stone  Pigman  Walther  Wi?mann  LLC       Brandon  A.  Lagarde,  Postlethwaite  &  Ne?erville,  APAC     Arman  Sadeghpour  PhD,  Theodent         Introductions
  • 3. BUSINESS  INCENTIVES   OpportunityLouisiana.com   Charlie  Romaine  Assistant  Director  BERG      
  • 4.     2 LOUISIANA  ECONOMIC  DEVELOPMENT     Website  Homepage            www.OpportunityLouisiana.com      
  • 5. LOUISIANA  ECONOMIC  DEVELOPMENT     An  interacJve  tool  allowing  a  business  to  discover  which  incenJves  their  business  may  be   eligible  for  and  the  potenJal  tax  benefits.     •   Am  I  eligible  for  any  incenJves  offered  in  Louisiana?   •   What  is  my  potenJal  tax  benefit?   •  What  are  my  next  steps  to  receive  these  incenJves?   §  Takes  less  than  15  minutes  to  navigate  through  the  eligibility  quesJonnaire  for  all  LED   administered  programs.         §  To  get  started  visit:   h?p://incenJveevaluator.louisianaeconomicdevelopment.com/Welcome.aspx   Louisiana  IncenOve  Evaluator   3
  • 6. 4 Part  I:    Louisiana  Economic  Development  CorporaOon                Small  Business  Loan  and  Guaranty  Program                                                 Part  II:    Board  of  Commerce  and  Industry          Industrial  Tax  ExempOon  Program        RestoraOon  Tax  Abatement  Program        Quality  Jobs  Program        Enterprise  Zone  Program     AGENDA  
  • 7. SMALL  BUSINESS  LOAN  AND  GUARANTY   PROGRAM  
  • 8. SMALL  BUSINESS  LOAN  AND  GUARANTY  PROGRAM   §  Loan  assistance  program:  provides  up  to  75%  loan  guarantees          or  state  direct  loan  parJcipaJons  up  to  40%  to  facilitate  capital  accessibility   §  Loan  guarantees  ranges  from  $5,000  minimum  to  $1.5  million     Benefit:   6 Eligibility  (not    comprehensive):   §   Must  increase  employment  within  specified  Jme  frame   §   Must  hire  35%  of  new  workers  from  one  of  four  targeted  groups  
  • 9. •     Revolving  Lines  of  Credit   •     Startups   •     AcquisiJons   •     Expansions   •     Fixed  asset  purchases   •     Purchase  or  construcJon  of                    building  (limited  to  51%  applicant    occupancy)   •     Restaurants  (except  franchises)   •     Bars  and  Saloons   •     Gaming  businesses   •     Real  estate  speculaJon   •     RecreaJonal,  theme  or          amusement  parks   •     Camping  faciliJes     SMALL  BUSINESS  LOAN  AND  GUARANTY  PROGRAM   Eligible  Loan  Types   Ineligible  Loan  Types   7
  • 10. Accoin  Louisiana   BanCorp  South   Community  Trust  Bank   Farmers-­‐Merchant  Bank  &  Trust   Home  Bank   Iberville  Bank   Jeff  Davis  Bank   MidSouth  Bank,  NA   Regions  Bank   Synergy  Bank   Whitney  Bank   First  Bank  and  Trust   American  Gateway  Bank   Capital  One,  NA   Enterprise  Corp  of  the  Delta   Guaranty  Bank  &  Trust   IberiaBank   Investar  Bank   Liberty  Bank   Red  River  Bank   Seedco  Financial   Teche  Federal  Bank   First  NBC   Co?onport  Bank       SMALL  BUSINESS  LOAN  AND  GUARANTY  PROGRAM     LIST  OF  BANKS  AND  FINANCIAL  INSTITUTIONS   8
  • 11. CONTACT OpportunityLouisiana.com @LED Louisiana 9 Seth  Brown     Loan  Investment  Officer   Louisiana  Economic  Development   225-­‐342-­‐5254   Seth.Brown@la.gov   ChrisOan  Pennington   Loan  Investment  Officer   Louisiana  Economic  Development   225-­‐342-­‐5883   ChrisJan.Pennington@la.gov   Susan  Bigner   Loan  Investment  Officer   Louisiana  Economic  Development   225-­‐342-­‐5651   Susan.Bigner@la.gov  
  • 12. INDUSTRIAL  TAX  EXEMPTION  PROGRAM   OpportunityLouisiana.com  
  • 13. INDUSTRIAL  TAX  EXEMPTION  PROGRAM     §  Property  tax  abatement:  provides  a  100%  property  tax    abatement  for  up  to  10  years  on  manufacturer’s  qualifying        capital  investments       ELIGIBILITY  (not  comprehensive)     §   Applies  only  to  capital  investments  by  Louisiana  manufacturers   §   Property  must  remain  on  the  site  at  all  Jmes     BENEFIT     11
  • 14. CONTACT OpportunityLouisiana.com @LED Louisiana 12 Lori Weber Program Administrator Louisiana Economic Development 225-342-6442 Lori.Weber@la.gov
  • 15. RESTORATION  TAX  ABATEMENT  PROGRAM   OpportunityLouisiana.com  
  • 16. RESTORATION  TAX  ABATEMENT  PROGRAM     BENEFIT   Property  tax  abatement:  provides  five-­‐ year  100%  abatement  for  the   rehabilitaJon  of  an  exisJng  structure   based  on  assessed  valuaJon  of  property   prior  to  beginning  of  improvements     ELIGIBILITY  (not  comprehensive)   Must  be  located  in  a  qualifying  district  and                       approved  by  local  governing  authority.   Does  not  exempt  the  acquisiJon  cost  of  the         structure. Contact: Allison Saunders Tax Incentives Director Culture Recreation and Tourism Division of Historic Preservation (225)342-8155 asaunders@crt.la.gov 14
  • 17. CONTACT OpportunityLouisiana.com @LED Louisiana 15 Becky Lambert Program Administrator Louisiana Economic Development 225-342-6070 Becky.Lambert@la.gov
  • 18. Quality  Jobs  Program   OpportunityLouisiana.com  
  • 19. 17   §  Provides  a  cash  rebate  to  companies   creaJng  well-­‐paid  jobs  and  promote   economic  development.         §  5% or 6% rebate on annual gross payroll of new, direct jobs §  Sales/use tax rebate or Investment Tax Credit (If the Enterprise Zone hiring requirements and certifications are met) §  Five year contract with an option to renew for an additional five years.   QUALITY JOBS BENEFITS OVERVIEW
  • 20. 18 QUALITY JOBS §  Business must be in one of the following industries: Bioscience, manufacturing, software, environmental technology, food technology, advanced materials or oil and gas field service or §  At least 50% of total annual sales are to out-of-state and/or to in-state customers or buyers if the product or service is resold by the purchaser to an out-of-state customer or buyer, or to the federal government. or §  Must be located in a LED designated distressed region. A distressed region shall be either of the following: •  A parish within the lowest 25% of parishes based on per capita income. •  A census tract block group below the state median per capita income. ELIGIBILITY (not comprehensive)      
  • 22. ENTERPRISE  ZONE  PROGRAM   OpportunityLouisiana.com  
  • 23. 23 ENTERPRISE ZONE PROGRAM OVERVIEW   The  Enterprise  Zone  Program (EZ)  is  a  jobs  incenJve  program  that  provides  tax  relief/ benefits  to  businesses  located  in  Louisiana  creaJng  permanent  net  new  full  Jme  jobs.     Ø  Of  the  permanent  net  new  full-­‐Jme  jobs  created  50%  of  these  new  jobs  must   meet  one  or  more  of  the  program  cerJficaJon  requirements:   •     Residency     •     Public  Assistance       •     Lacking  Basic  Skills   •     Unemployable  by  TradiJonal  Standards     21
  • 24. ENTERPRISE  ZONE  PROGRAM     §  One  Ome  $2,500  Job  Tax  Credit  (JTC)   §  For  each  permanent  net  new  job  created  This  credit  can  be  applied  towards  your  Louisiana   income  and/or  franchise  tax  liabiliJes.  The  JTC’s  earned  cannot  be  sold  or  transferred.   AND     §  4%  State  Sales  and  Use  Tax  Rebate   §  Rebate  is  claimed  against  and  calculated  on  state  taxes  paid  on  qualifying  materials,   machinery,  furniture,  and  equipment  purchased  associated  with  the  total  investment.     OR   §  1.5%  Refundable  Investment  Tax  Credit  (ITC)   §  Refund  is  calculated  on  your  total  capital  investment,  excluding  tax  exempted  items.        NOTE:      A  business  does  not  have  to  make  a  capital  investment  to  par5cipate  in  the        Enterprise  Zone  Program,  only  create  permanent  net  new  full  5me   jobs.             BENEFITS   22
  • 25. ENTERPRISE  ZONE  PROGRAM        §  Create,  at  minimum,  5  permanent  net  new  full  Jme  jobs  within  24  months  of  project  start  date/ contract  effecJve  date;  or     §  Increase  exisJng  naJonwide  workforce  by  10%  within  the  first  12  months  of  the  project  start   date/contract  effecJve  date  ;  and     §  50%  of  the  net  new  full  Jme  jobs  created  must  meet  one  or  more  of  the  following      cerJficaJon  requirements:           •  Residency     •  Public  Assistance       •  Lacking  Basic  Skills   •  Unemployable  by  TradiJonal  Standards   ELIGIBILITY     23
  • 27. CONTACT OpportunityLouisiana.com @LED Louisiana 25 Charlie Romaine Assistant Director BERG Louisiana Economic Development 225-342-5444 Charlie.Romaine@la.gov
  • 28. New  Orleans   Entrepreneur  Week     March  27,  2014   Presented  by:     Daniel  J.  Walter   504.593.0826  |  dwalter@stonepigman.com   stonepigman.com
  • 29. Louisiana  Tax  IncenJves   Ø  Angel  Investor  Tax  Credit   Ø  Research  &  Development  Tax  Credit   Ø  Digital  InteracJve  Media  and  Sonware   Tax  Credit   Ø  Technology  CommercializaJon  Credit  and   Jobs  Program   stonepigman.com2
  • 30. Angel  Investor  Tax  Credit   Ø  Investment  in  a  cerJfied  Louisiana   Entrepreneurial  Business  (LEB)   Ø  Accredited  investors   §  Angel  pool   §  High  net  worth  individuals   §  EnJty  consisJng  of  accredited  investors   Ø  Tax  credit  of  35%  of  investment   §  Taken  over  5  years   stonepigman.com3
  • 31. Angel  Investor  Tax  Credit   Ø  Louisiana  Entrepreneurial  Business  (LEB)   §  Principal  business  operaJons  in  Louisiana   §  Greater  than  50%  of  sales  outside  Louisiana   §  50  or  fewer  full  Jme  employees   §  Not  primarily  engaged  in:   •  Retail  sales,  real  estate,  professional   services,  natural  resource  exploraJon  or   extracJon,  or  financial  services   stonepigman.com4
  • 32. Angel  Investor  Tax  Credit   Ø  ApplicaJon  Process   §  Apply  to  LED  for  cerJficaJon  as  a  LEB   §  Submit  applicaJon  for  reservaJon  of  credits   on  January  1   §  Receive  ReservaJon  Le?er   §  Submit  proof  of  investment  within  60  days   §  LED  issues  tax  credit  cerJficaJon  le?er  to   the  Investor   stonepigman.com5
  • 33. Angel  Investor  Tax  Credit   Ø  Contact   §  Richard  Broussard  –  Business  Development   Manager   •  broussard@la.gov   •  225.342.1940   stonepigman.com6
  • 34. Research  &  Development   Ø  Piggyback  on  the  Federal  R&D  Credit   Ø  Based  on  "qualified  research   expenses"  (QRE)   §  Wages  of  employees  conducJng  qualified   research   §  Costs  of  supplies  used  in  the  conduct  of   qualified  research   §  PorJon  of  contract  research  expenses   Ø  Qualified  Research   stonepigman.com7
  • 35. Research  &  Development   Ø  Amount  of  Louisiana  R&D  Credit   §  Greater  than  100  employees   •  8%  of  Louisiana  QRE  in  excess  of  the  base   amount   §  Between  50  and  99  employees   •  20%  of  Louisiana  QRE  in  excess  of  the  base   amount   §  Less  than  50  employees   •  40%  of  Louisiana  QRE   §  40%  of  Small  Business  InnovaJon  Research   Grant   stonepigman.com8
  • 36. Research  &  Development   Ø  ApplicaJon  Process   §  Submit  ApplicaJon  to  LED   •  Includes  descripJon  and  evidence  of   Louisiana  QRE   §  LED  approves  the  applicaJon   §  LED  noJfies  the  Louisiana  Department  of   Revenue   §  Claim  credit  on  tax  return   stonepigman.com9
  • 37. Research  &  Development   Ø  Contact   §  Eric  Burton  –  Program  Administrator   •  eric.burton@la.gov   •  225.342.5340   §  Shamelda  Pete  –  Business  Development   Officer   •  spete@la.gov   •  225.342.5341   stonepigman.com10
  • 38. Digital  InteracJve  Media   Ø  State-­‐CerJfied  Digital  InteracJve  Media   ProducJon   §  Includes   •  Video  or  interacJve  games   •  SimulaJon  sonware   •  InteracJve  educaJonal  or  training  programs   §  Excludes   •  Sonware  for  internal  use   •  StaJc  internet  sites   stonepigman.com11
  • 39. Digital  InteracJve  Media   Ø  Amount  of  Tax  Credit   §  25%  of  base  investment  in  Louisiana   •  ProducJon  expenses   •  Component  parts   §  35%  of  payroll   Ø  Credits  earned  in  the  calendar  year  in   which  the  funds  are  expended   Ø  No  cap   stonepigman.com12
  • 40. Digital  InteracJve  Media   Ø  ApplicaJon  Process   §  Apply  to  LED  for  cerJficaJon   §  LED  issues  iniJal  cerJficaJon  le?er   •  EffecJve  for  expenses  incurred  up  to  six   months  prior  to  the  date  of  the  le?er   §  Submit  cost  report  of  producJon   expenditures  prepared  by  CPA   §  LED  issues  final  tax  credit  cerJficaJon  le?er   §  Claim  credit  on  tax  return  OR  receive  85%   rebate  at  the  Jme  of  final  cerJficaJon   stonepigman.com13
  • 41. Digital  InteracJve  Media   Ø  Contact   §  Heath  Williams  –  Director  Digital  InteracJve   Media   •  heath.williams@la.gov   •  225.342.3571   stonepigman.com14
  • 42. Technology  CommercializaJon   Ø  Refundable  Tax  Credit  of  40%  of   commercializaJon  costs   §  Machinery  and  equipment   §  Fees  relaJng  to  IP   §  Payments  to  Louisiana  universiJes  under   research  agreements   §  Payments  for  clinical  research  or  trials   Ø  6%  payroll  rebate  for  new  direct  jobs   Ø  Requires  a  research  agreement  with  a   Louisiana  University   stonepigman.com15
  • 43. Technology  CommercializaJon   Ø  Contact   §  Shamelda  Pete  –  Business  Development   Officer   •  spete@la.gov   •  225.342.5341   stonepigman.com16
  • 44. Accounting Issues Brandon  A.  Lagarde,  CPA,  JD,  LLM  |  Tax  Director   8550  United  Plaza  Blvd.  |  Suite  1001  |  Baton  Rouge,  LA  70809   Phone:  (225)  922-­‐4600  |  Direct:  (225)  408-­‐4714  |  Fax:  (225)  922-­‐4611   Postlethwaite  &  Netterville,  APAC  |  www.pncpa.com    
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  • 48. Accounting Issues Arman  Sadeghpour  PhD   President  &  CEO,  Theodent   www.theodent.com    
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