Louisiana Revised Statutes 33:4709.21 – Business and industrial districts in the city of New Orleans; tax exemptions
Terms Used In Louisiana Revised Statutes 33:4709.21
- 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.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. As used in this Section, “business and industrial district” means a business and industrial district located in the city of New Orleans and established for the purpose of providing for the acquisition, construction, improvement, maintenance, and operation of special projects, additional municipal services, capital improvements, and facilities within the district.
B. Any person, corporation, or other legal entity that makes investments in excess of one hundred million dollars in a business and industrial district shall be exempt from seventy-five percent of all taxes levied by or for the benefit of the business and industrial district that would otherwise be payable by such person, corporation, or legal entity. The governing authority of the business and industrial district shall certify to the appropriate officials responsible for the collection of such taxes the identity of any person, corporation, or other legal entity which has invested in excess of one hundred million dollars in the business and industrial district and such officials shall take appropriate action to implement such exemptions.
Acts 2002, No. 80, §1; Acts 2011, 1st Ex. Sess., No. 20, §1, eff. June 12, 2011.