EXPIRATION OF THE BROWNFIELDS
INVESTOR TAX CREDIT
The
Louisiana Brownfields Investor Tax Credit, authorized under R.S. 47:6021, was
not renewed by the Louisiana Legislature and expired on December 31, 2009.
This expiration means that only eligible
expenses that are actually incurred prior to January 1, 2010, can be claimed pursuant to this tax
credit. All eligible expenses
incurred before that date by an applicant participating in the Louisiana
Voluntary Remediation Program can be claimed for the purpose of the credit.
In no
case shall expenses incurred by the applicant on or after January 1, 2010, be
eligible for this tax credit.
Applicants must of course keep records documenting dates on which
expenses were incurred in accordance with applicable Louisiana
tax law and regulations.
However, it
should be noted that tax credit applicants do not have to receive approval of their Voluntary Remedial Investigation Report or their Voluntary Remediation Certificate of
Completion prior to end of 2009.
Also, eligible VRP participants do not
have to submit their Brownfields Investor
Tax Credit Eligibility Application or their Certification of Expenditures prior to the end of 2009. Although these elements can be completed on or
after January 1, 2010, they
remain elements necessary to perfect the use of the tax credit. The project ultimately must be completed and the appropriate report submitted
to the Department of Environmental Quality.
Otherwise,
the Brownfields Investor Tax Credit guidelines
found at www.deq.louisiana.gov/brownfields
will still apply to all tax credit applicants.