Louisiana Revised Statutes 51:2399.1 – Intent
Terms Used In Louisiana Revised Statutes 51:2399.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Modernization: means capitalized investment by an employer in technology, machinery, building and/or equipment that meets one of the following provisions:
(a) An increase in the increase of maximum capacity or efficiency of the facility of greater than ten percent. See Louisiana Revised Statutes 51:2399.2
A. It is the intent of the Legislature of Louisiana that the modernization benefits provided for in this Chapter should be used primarily as an inducement for businesses to remain in the state and not relocate outside the state and to modernize their existing operations in Louisiana.
B. Nothing herein shall be construed to constitute a guarantee or assumption by the state of any debt of any individual, company, corporation, or association or to authorize the credit of the state to be given, pledged, or loaned to any individual, company, corporation, or association.
C. No agency shall incur monetary or personnel costs paid with federal funds for compliance with the provisions of this Chapter when such use of the funds is prohibited by federal law.
Acts 2009, No. 447, §1.