Louisiana Community Development Financial Institutions

     Application Legislation Rule Statutes


Overview

Act 491 of the 2005 Regular Session of the Louisiana Legislature created the Louisiana Community Development Financial Institution Act, which became effective July 12, 2005.  The primary purpose of the LCDFI Act is to further community development, diminish poverty, provide assistance in the formation and expansion of businesses in economically distressed areas, which create jobs in the state by providing for the availability of venture capital financing to entrepreneurs, managers, inventors, and other individuals for the development and operation of Louisiana entrepreneurial businesses.  This new program provides that qualifying individuals or businesses that invest in a LCDFI may earn, apply for, and be granted a tax credit on any personal income, corporate income, or corporation franchise tax liability.  The tax credit shall be calculated as 75 percent of the investment for the purposes of earning tax credits.  The initial allocation of tax credits will be December 1, 2005.

To become eligible for an allocation of tax credits, LCDFIs must first become "certified" by the Louisiana Office of Financial Institutions (OFI). The required application items as well as the applicable statute and rule are available on OFI's website. In order to allow time for the processing of received applications prior to the upcoming December 1st allocation of tax credits, we are requesting that applications be received by this Office on or before November 10, 2005. Applications received after November 10th may not be processed prior to the December 1st allocation date. If you have any questions, please contact Review Examiner Doug Buras at (225) 922-2595.

 


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Updated October 23, 2013