Louisiana Revised Statutes 47:4305 – Granting of contract
Terms Used In Louisiana Revised Statutes 47:4305
- Contract: A legal written agreement that becomes binding when signed.
- 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.
A. Whenever the governor and the Legislative Budget Committee finds that the contract submitted by the Board of Commerce and Industry satisfies the requirements of this Chapter, they shall advise the Board of Commerce and Industry that it may enter into a contract with such establishment exempting it from taxation as provided in this Section.
B. Exemptions from taxation may be granted for the following:
(1) The corporation franchise tax.
(2) The corporation income tax.
(3) Sales and use taxes imposed by the state on machinery and equipment to be used by the applicant, on materials and building supplies, whether purchased directly or through a contractor, to be used in repair, reconstruction, modification, or construction of plant and facilities, and on materials and supplies necessary for or used in the manufacture or production of the product of the applicant.
(4) Sales and use taxes imposed by the state on any other goods and services used or consumed by the applicant.
(5) Any other taxes imposed directly by the state on the applicant.
Added by Acts 1982, No. 773, §1; Acts 2005, No. 403, §1.