Estimated tax payments are generally due quarterly. Consolidated returns are not permitted in Louisiana. Corporations that file consolidated federal income tax returns will be treated as if they had been required to file separate federal returns. Regulations establish the portion of the federal income tax deduction that can be allocated to each member of a consolidated group. Generally, corporations that are exempt from federal income tax also are exempt from Louisiana income tax.
Banks also are exempt from Louisiana income tax.
Certain insurance companies are subject to special rules that require them to compute Louisiana income tax on net income as determined under Louisiana law, rather than on the basis of federal taxable income. Certain corporations that receive special treatment for federal income tax purposes do not receive such treatment for Louisiana income tax purposes. Ad Valorem Property Tax Property tax is imposed at the local level in accordance with the law that formerly imposed a state property tax. The property tax applies not only to real estate and tangible personal property, but also to certain intangible property. Under Louisiana law, the property tax generally is assessed on a percentage of the fair market value of property subject to tax.