§4708. Tax exemptions

A. The Legislature of Louisiana hereby finds and declares that the health, safety, and welfare of the people of this state are dependent upon the continued encouragement, development, growth, and expansion of the private sector within the state and it is recognized as essential to the continued growth and development of the city of New Orleans and to the continued prosperity and welfare of the people of the city of New Orleans that new industrial, manufacturing, processing, assembling, distribution, and wholesale business enterprises be encouraged to locate in the New Orleans Regional Business Park. Therefore, it is declared to be the purpose of this Section to encourage the establishment of new industrial, manufacturing, processing, assembling, distribution, and wholesale business enterprises which guarantee new jobs and capital investment in the district by providing certain tax incentives.

B. For purposes of this Section, the following terms shall have the meaning as provided in this Subsection, unless the context clearly indicates otherwise:

(1) "Board" means the State Board of Commerce and Industry, or its successor.

(2) "Commissioners" means the board of commissioners of the New Orleans Regional Business Park.

(3) "Department" means the Department of Economic Development.

(4) "District" means the New Orleans Regional Business Park.

(5) "Governing authority" means the council of the city of New Orleans.

C. The department shall administer the provisions of this Section and shall have the following powers and duties in addition to those granted by other laws of this state:

(1) To monitor the implementation and operation of this Section and conduct a continuing evaluation of the progress made in the district.

(2) To assist the governing authority and the commissioners in obtaining assistance from the federal government, including the obtaining of funds.

(3) To assist the governing authority and the commissioners in obtaining assistance from any other department of state government.

(4) To assist any employer or prospective employer within the district in obtaining the benefits of any incentive or inducement program authorized by Louisiana law.

(5) Repealed by Acts 2010, No. 1034, §3.

(6) To promulgate rules and regulations to effectuate this Section, in accordance with the Administrative Procedure Act.

D. The board, after consultation with the governing authority and the commissioners and with the approval of the governing authority and the commissioners, may enter into contracts to provide for the exemption from the special ad valorem tax imposed by the governing authority pursuant to R.S. 33:4702(H) upon all taxable real property situated within the boundaries of the district except property occupied in whole or in part as a residence of an owner thereof, provided that all of the following requirements are met:

(1)(a) Each applicant business enterprise must be labor intensive so that the number of employees must be substantial in relation to the size and type of business enterprise; or

(b) The capital investment in the permanent improvements by each applicant business enterprise must be substantial in relation to the size and type of business enterprise.

(2) The grant of the exemption must not prejudice or jeopardize any outstanding bonds of the district.

(3) Each contract of exemption entered into pursuant to this Section shall be for a term not to exceed five years; however, subject to the approval of the governing authority and the commissioners, such contract may be renewed for one additional term not to exceed five years.

(4) No business enterprise shall be granted a second exemption upon the expiration of the first exemption unless there is a substantial investment in new construction of improvements, in which case the exemption, if granted, shall apply only to such new construction.

Acts 1985, No. 1008, §1; Acts 1995, No. 900, §1; Acts 2004, No. 917, §1, eff. July 12, 2004; Acts 2010, No. 1034, §3.

NOTE: See Acts 1995, No. 900, §3 relative to expiration of terms of current members.