2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.656. Adjustment of overpayment of estimated income tax by corporation

RS 47:287.656 - Adjustment of overpayment of estimated income tax by corporation
A. Application of adjustment.
(1) Time for filing. A corporation may, after the close of the taxable year and on or before the fifteenth day of the fourth month thereafter, and before the day on which it files a return for such taxable year, file an application for an adjustment of an overpayment by it of estimated income tax for such taxable year. An application under this Subsection shall not constitute a claim for credit or refund.
(2) Form of application. An application under this Subsection shall be verified in the manner prescribed in the case of a return of the taxpayer and shall be filed in the manner and form prescribed by the secretary of revenue and taxation. The application shall set forth:
(a) The estimated income tax paid by the corporation during the taxable year.
(b) The amount which, at the time of filing the application, the corporation estimates as its income tax liability for the taxable year.
(c) The amount of the adjustment.
(d) Such other information for purposes of carrying out the provisions of this Section as may be required by such regulations.
B. Allowance of adjustment.
(1) Limited examination of application. Within a period of forty-five days from the date on which an application for an adjustment is filed under Subsection A, the secretary shall make, to the extent he deems practicable in such period, a limited examination of the application to discover omissions and errors therein and shall determine the amount of the adjustment upon the basis of the application and the examination, except that the secretary may disallow, without further action, any application which he finds contains material omissions or errors which he deems cannot be corrected within such forty-five days.
(2) Adjustment credited or refunded. The secretary, within the forty-five day period referred to in Paragraph (1), may credit the amount of the adjustment against any liability in respect of any tax administered by the secretary on the part of the corporation and shall refund the remainder to the corporation.
(3) Limitation. No application under this Section shall be allowed unless the amount of the adjustment equals or exceeds (a) ten percent of the amount estimated by the corporation on its application as its income tax liability for the taxable year, and (b) five hundred dollars.
(4) Effect of adjustment. For purposes of this Part, other than R.S. 47:287.655, any adjustment under this Section shall be treated as a reduction in the estimated income tax paid made on the day the credit is allowed or the refund is paid.
C. Definitions. For purposes of this Section and R.S. 47:287.655, relating to excessive adjustment:
(1) The term "income tax liability" means the tax imposed by this Part less the sum of any credits allowable against the tax.
(2) The amount of an adjustment under this Section is equal to the excess of:
(a) The estimated income tax paid by the corporation during the taxable year, over
(b) The amount which, at the time of filing the application, the corporation estimates as its income tax liability for the taxable year.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.