Louisiana § 47:4314 Review of exemption applications

Louisiana Statutes

§ 47:4314 — Review of exemption applications

Louisiana·Title 47 Revenue and Taxation

§4314. Review of exemption applications A. Each application for a contract of limited exemption shall be addressed to Louisiana Economic Development. Such application shall be on such form as the department may prescribe and shall be filed with the department. Louisiana Economic Development shall forward the application to the local governing authority for review. B.

(1)Upon receipt of the application, the local governing authority shall notify each tax recipient body affected by the contract for a limited exemption and shall make available to each such body the application and all supporting documents.

(2)Before notifying the board of its approval or disapproval of the contract application, the local governing authority shall conduct a public hearing on the proposed limited exemption. N

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§4314. Review of exemption applications
A. Each application for a contract of limited exemption shall be addressed
to Louisiana Economic Development. Such application shall be on such form as the
department may prescribe and shall be filed with the department. Louisiana
Economic Development shall forward the application to the local governing authority
for review.
B.(1) Upon receipt of the application, the local governing authority shall
notify each tax recipient body affected by the contract for a limited exemption and
shall make available to each such body the application and all supporting documents.
(2) Before notifying the board of its approval or disapproval of the contract
application, the local governing authority shall conduct a public hearing on the
proposed limited exemption. Notice of the time and place of the hearing shall be
published at least twice in the official journal of the local governing authority, and
at least ten days shall elapse between the first publication and the date of the hearing.
Each affected tax recipient body shall be given written notice of the hearing at least
ten days prior to such hearing.
(3) After such hearing the local governing authority shall determine whether
to approve or disapprove the application for a contract and shall make a report of the
reasons for its decision.
(4) The local governing authority shall, within sixty days after receipt of the
application from Louisiana Economic Development, file with the department a
statement of its decision to approve or disapprove the application, the reasons
therefor, and any supporting documents.
C. Louisiana Economic Development shall review applications to determine
whether the requirements for a limited exemption contract as provided in this
Chapter and the rules and regulations adopted pursuant thereto have been satisfied
and shall determine whether a contract of limited exemption should be approved and
shall make its recommendations to the board. The board shall review any
recommendation for or against a limited exemption contract made by the department.
If the board determines that a limited exemption contract shall be granted, it shall
forward the recommendation together with all supporting documents to the governor.
D. The governor shall notify the board in writing of his decision to approve
or disapprove the application within thirty days after receipt of the recommendation
of the board.