 To maximize the economic impact of incentives, they
must be timely. Often red tape and bureaucratic obstacles impede businesses from
putting their incentives to work quickly, thereby diminishing there power to
accelerate effective economic growth. Louisiana Economic Development (LED) and
Technology Engineers have developed a system, FastLane, that shortens the
application process, reduces paperwork, and gives both business and economic
development professionals the capability to monitor the entire incentive
process, from initial application through approval, usage, renewals and audits
-- all within a secure Internet connection.
FastLane offers complete Internet-based processing for the entire incentive
application process. According to LED, the system
“revolutionizes the way we interact with our clients and constituents, as well
as the level of service we provide. By enabling businesses to submit
applications, pay application fees and track the progress of their incentive
applications online, we’re making the process much easier yet secure for
everyone. FastLane expedites both the user experience and the internal process
for LED staff, leading to a much more efficient, open way of managing our
business incentives programs.”
In addition to operational benefits, FastLane now provides LED managers with a
valuable information asset -- an asset that increases in value daily as new
incentives are added to the master database. Department executives and
researchers access the database of over 10,000 incentive records for both
speedy, ad-hoc queries and more detailed statistical analyses – invaluable tools
for Louisiana’s economic development professionals.
The most popular features (popular with business users and LED program managers
alike) are processes that formerly were done on paper, and are now done entirely
using the Internet. For example, applications for an incentive prior to FastLane
had to be done by downloading an application form over the Internet, printing
it, filling it out, mailing it to LED, then waiting for a receipt and a date
when the incentive request would be placed on the Board of Commerce and Industry
agenda. (And, doing this over again, if the information provided was incomplete
or inaccurate.) With FastLane, everything is done interactively over the
Internet, including paying fees. The following features can be used by
individual users managing one company, Economic Development professional
consultants managing multiple companies:
-
File and Pay Advance Notifications: Businesses can pre-apply for an incentive by
submitting an Advance Notification of their intent to apply. The fee of $100
(paid with credit card or e-check) allows the business to provide anticipated
economic data (new hires, total investment, etc.) and obtain an idea of the
likelihood their formal application will be approved. All required information
can be entered, verified to comply with applicable state law and inserted into
the master database for further review by LED staff, if needed.
- File, Save, and Pay Applications: Submitting the official application for a tax
rebate, tax credit or other incentive is similar to that of an Advance
Notification. Additional, more detailed tax and financial information related to
the project is added, resulting tax credits and rebates being calculated and
displayed, along with the application fee. Application fees generally are
computed as a percentage of the total tax credit, and can also be paid on-line
with a credit card or e-check.
- Track Status: Businesses can track the status of their application at any point
along the way to approval by the Board of Commerce and Industry. From “Advance
Received” to “Application Received” to “Staff Reviewing” to “On the Agenda” to
“Board Approved”, the Internet can be used to find the status of an application,
without having to place a phone call to staff and saving an immeasurable amount
of time and expense for LED.
- Review History of Past and Current Advance Notifications and Applications: All
incentives from 1998 forward have been entered into the FastLane database,
giving LED staff and businesses an opportunity to research individual
incentives, as well as the aggregate effect of specific programs.
- On-line Credit Card and e-Check Payment: Businesses and Economic Development
professional consultants have long asked for an easy, quick way to pay for
Advances and Applications, without having to write and mail a paper
check. FastLane accepts all major credit cards and e-checks from pre-authorized
financial institutions.
- File Project Completion (PCR) and Affidavit of Final Cost (AFC) Reports: Upon
completion of a project for which a tax credit has been received, the business
can now file its Project Completion Report and Affidavit of Final Cost through
FastLane. Contact information for the follow-up LED facility inspection can also
be entered, and a confirmation page can be printed.
For the convenience of Economic Development professional consultants, the system
can handle multiple projects for multiple companies. This is accomplished with a
Profile Page that enables consultants to list the different accounts they are
managing for their clients. Also, a convenient feature for saving Advances and
Applications in process is available, allowing users to enter information they
have available, saving the document, then completing it at a later date. These
documents are considered “Pending”.
In all, the FastLane system offers a powerful, easy-to-use interface for
businesses and LED staff. Together with the master database of all incentives
applied for and granted since 1998, the system permits Louisiana to focus on
improving the economic vitality of the state, not simply filling out paper forms
For more information on Fastlane and Louisiana Economic
Development please click here.
|
|
|