Terms Used In Louisiana Revised Statutes > Title 51 > Chapter 55 - Competitive Projects Payroll Incentive Program

• Basic health benefits plan: means coverage for basic hospital care, coverage for physician care, and coverage for health care which is determined by the Department of Economic Development to have a value of at least one dollar and twenty-five cents per hour and which is the same coverage as is provided to employees employed in a bona fide executive, administrative, or professional capacity by the employers who are exempt from the minimum wage and maximum hour requirements of the federal Fair Labor Standards Act, Louisiana Revised Statutes 51:3121
• Business: means any individual, firm, joint venture, association, corporation, estate, partnership, business trust, receiver, syndicate, or any other legal business entity. See Louisiana Revised Statutes 51:3121
• Department: means the Department of Economic Development. See Louisiana Revised Statutes 51:3121
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• New jobs: means permanent full-time direct new jobs based at the facilities designated in the contract and filled by residents of the state. See Louisiana Revised Statutes 51:3121
• New payroll: means payment by the business to its employees for new jobs, exclusive of benefits, and defined as wages under Louisiana Employment Security Law (Louisiana Revised Statutes 51:3121
• Program: means the Competitive Projects Payroll Incentive Program. See Louisiana Revised Statutes 51:3121
• Qualified business: means a business certified by the secretary as meeting the eligibility requirements of Subsection B of this Section, approved by the Joint Legislative Committee on the Budget to participate in the program, and executing a contract providing the terms and conditions for its participation. See Louisiana Revised Statutes 51:3121
• qualified capital expenditures: means amounts classified as capital expenditures for federal income tax purposes related to the project plus exclusions from capitalization provided for in Internal Revenue Code Section 263 (a)(1)(A) through (L), minus the capitalized cost of land, capitalized leases of land, capitalized interest, capitalized costs of manufacturing machinery and equipment to the extent capitalized manufacturing machinery and equipment costs are excluded from sales and use tax pursuant to Louisiana Revised Statutes 51:3121
• Secretary: means the secretary of the Department of Economic Development. See Louisiana Revised Statutes 51:3121
• Significant positive economic benefit: means net positive tax revenue. See Louisiana Revised Statutes 51:3121