reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.654. Installment payments of estimated income tax by corporations

RS 47:287.654 - Installment payments of estimated income tax by corporations
A. Corporations required to pay estimated income tax. Every corporation subject to taxation under this Part shall make payments of estimated tax, as defined in Subsection C, during its taxable year, as provided in Subsection B, if its estimated tax for such taxable year can reasonably be expected to be one thousand dollars or more.
B. Payments in installments. Any corporation required under Subsection A to make payments of estimated tax, as defined in Subsection C, shall make such payments in installments as follows:
If the requirements of
The following percentages of the estimated
Subsection A are first met:
tax shall be paid on the 15th day of the--
4th
6th
9th
12th
month
month
month
month
(1)
Before the 1st day of the 4th
month of the taxable year
25
25
25
25
(2)
After the last day of the 3rd
month and before the 1st day
of the 6th month of the taxable
year
33 1/3
33 1/3
33 1/3
(3)
After the last day of the 5th
month and before the 1st day
of the 9th month of the taxable
year
50
50
(4)
After the last day of the 8th
month and before the 1st day
of the 12th month of the taxable
year
100
C. Estimated tax defined. The term "estimated tax" means the amount which a taxpayer estimates to be the tax imposed by this Part for the current period, less the amount which it estimates to be the sum of any credits allowable against the tax.
D. Recomputation of estimated tax. If, after paying any installment of estimated tax, the taxpayer makes a new estimate, the amount of each remaining installment, if any, shall be the amount which would have been payable if the new estimate had been made when the first estimate for the taxable year was made, increased or decreased, as the case may be, by the amount computed by dividing:
(1) The difference between: (a) the amount of estimated tax required to be paid before the date on which the new estimate is made, and (b) the amount of estimated tax which would have been required to be paid before such date if the new estimate had been made when the first estimate was made, by
(2) The number of installments remaining to be paid on or after the date on which the new estimate is made.
E. Application to short taxable year. The application of this Section to taxable years of less than twelve months shall be as prescribed by the secretary.
F. Installments paid in advance. At the election of the corporation, any installment of the estimated tax may be paid before the date prescribed for its payment.
G. Payments of estimated income tax. Payment of the estimated income tax, or any installment thereof, shall be considered payment on account of the income taxes imposed by this Part for the taxable year.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.657. Estimated tax payments during the course of a federal audit

RS 47:287.657 - Estimated tax payments during the course of a federal audit
A corporation may make estimated payments to the department, following the process prescribed by the department, of the state tax expected to result from a pending Internal Revenue Service audit prior to the due date of the federal adjustments report. The estimated tax payments shall be credited against any corporation income tax liability ultimately found to be due to the state attributable to the federal adjustments report and shall limit the accrual of interest pursuant to R.S. 47:1601 on that amount. If the estimated tax payments exceed the final state tax liability attributable to the federal adjustments report the taxpayer is entitled to a refund, subject to the credit and offset provisions of R.S. 47:1622, provided the taxpayer files a federal adjustments report or claim for refund of an overpayment of tax pursuant to R.S. 47:1621 no later than one year following the final determination date. Interest pursuant to R.S. 47:1624 shall be computed and allowed only on estimated tax payments beginning ninety days after the taxpayer files a federal adjustments report or claim for refund of an overpayment of tax pursuant to R.S. 47:1621.
Acts 2021, No. 287, §1, eff. June 14, 2021.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.659. Refunds and credits; general rules

RS 47:287.659 - Refunds and credits; general rules
Except as otherwise provided in this Part, all matters relating to the refunding or crediting of income taxes shall be governed by the provisions of Part V of Chapter 18 of this Subtitle.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.660. Overpayment of installment

RS 47:287.660 - Overpayment of installment
If the taxpayer has paid as an installment of tax more than the amount determined to be the correct amount of such installment, the overpayment shall be credited against the unpaid installments, if any, and any excess shall be credited or refunded as provided in Part V of Chapter 18 of this Subtitle.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.662. Overpayment of income taxes applied to corporation franchise taxes for interest computation purposes

RS 47:287.662 - Overpayment of income taxes applied to corporation franchise taxes for interest computation purposes
The secretary may net any overpayment of income tax by a corporation against the corporation's franchise taxes for the purpose of determining the interest due under R.S. 47:1601.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.663. Overpayments arising from allowance of deductions for bad debts or worthless stock

RS 47:287.663 - Overpayments arising from allowance of deductions for bad debts or worthless stock
In the case of an overassessment which arises from the allowance of a deduction for a bad debt or worthless stock which has not been claimed and allowed on a return of the taxpayer for another year, the period of limitation prescribed in R.S. 47:1623 shall be extended for an additional period of two years, and the limitation on the amount of credit or refund provided in R.S. 47:1623 shall be suspended.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.664. Credits arising from refunds by utilities

RS 47:287.664 - Credits arising from refunds by utilities
Whenever a utility refunds to its customers, pursuant to an order of a court or regulatory agency as a result of the denial of a proposed rate increase, an amount or amounts which, if taken as a deduction from gross income in the year paid or accrued, would result in a net loss, then in lieu of such deduction the utility may elect to take a credit against its Louisiana income tax in the amount of seventy-two percent of the income tax increase which was the sole result of the inclusion of the amount or amounts refunded in gross income in the year or years received irrespective of whether or not the period of limitation provided in R.S. 47:1623 has expired for the year in which the amount refunded was included in gross income. If this credit exceeds the income tax that would be due the state of Louisiana in the year of the refund, computed without the credit, then the excess of this credit may be carried over the following two taxable years.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 2015, No. 125, §2, eff. July 1, 2015; Acts 2016, 1st Ex. Sess., No. 29, §2; Acts 2017, No. 400, §§1, 4, eff. June 26, 2017.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.681. Administration

RS 47:287.681 - Administration
Except as specifically provided to the contrary in this Part, all matters pertaining to the administration of this Part shall be governed by the provisions of Chapter 18 of this Subtitle.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.682. Collection from transferee or fiduciary; procedure

RS 47:287.682 - Collection from transferee or fiduciary; procedure
A. The liability, at law or in equity, of a transferee of property of a taxpayer, in respect of the tax, including interest, additional amounts, and additions to the tax provided by law, imposed upon the taxpayer by this Part, shall be assessed, collected, and paid in the same manner and subject to the same provisions and limitations as in the case of the collection directly from the taxpayer.
B. In the absence of notice to the secretary under R.S. 47:287.683(B), the existence of a fiduciary relationship, notice of liability enforceable under this Section in respect of a tax imposed by this Part, if mailed to the person subject to the liability at his last known address, shall be sufficient for the purpose of this Part, even if such person is deceased or is under legal disability, or in the case of a corporation, has terminated its existence.
C. As used in this Section, the term "transferee" includes donee, heir, legatee, devisee, distributee, shareholder, or former shareholder of a dissolved corporation, successor of a corporation, a party to a reorganization defined in I.R.C. Section 368, and all other classes of distributees, including the transferee of a transferee.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.683. Notice of fiduciary relationship

RS 47:287.683 - Notice of fiduciary relationship
A. Fiduciary of taxpayer. Upon notice to the secretary that any person is acting in a fiduciary capacity, such fiduciary shall assume powers, rights, duties, and privileges of the taxpayer in respect of a tax imposed by this Part until notice is given that the fiduciary capacity has terminated.
B. Fiduciary of transferee. Upon notice to the secretary that any person is acting in a fiduciary capacity for a person subject to the liability specified in R.S. 47:287.682, the fiduciary shall assume, on behalf of such person, the powers, rights, duties, and privileges of such person under such Section, until notice is given that the fiduciary capacity has terminated.
C. Manner of notice. Notice under R.S. 47:287.683(A) or (B) shall be given in accordance with regulations prescribed by the secretary.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.702. Effect of Election Out of Federal Partnership Provisions

RS 47:287.702 - Effect of Election Out of Federal Partnership Provisions
A. An election made pursuant to I.R.C. (26 USC) Section 761 to exclude an unincorporated organization from the application of all or part of Subchapter K of the Internal Revenue Code shall be binding upon the members of the unincorporated organization for purposes of computing the tax imposed by this Part. Whenever such an election is made, the unincorporated organization making the election shall not be treated as a partnership for purposes of this Part.
B. Under no circumstances shall income from an unincorporated organization that has made the I.R.C. Section 761 election be treated as "income from partnerships" for purposes of this Part; rather, it shall be treated by a member of the unincorporated organization as income from the underlying property as co-owner of the property. The share of each item of income, gain, loss, deduction, or credit, realized or incurred by a member of such unincorporated organization that has made the I.R.C. Section 761 election shall be treated as follows:
(1) The member shall be treated as directly realizing the member's share of items of gross income attributable to the unincorporated organization.
(2) The member shall be treated as directly incurring the member's share of items of expense attributable to the unincorporated organization.
(3) The member shall be treated as directly accruing items of credit attributable to the unincorporated organization.
(4) The member shall treat the member's interest in each asset of the unincorporated organization as owned directly by the member.
(5) The member shall treat the member's share of each liability as incurred directly by the member.
Acts 2005, No. 351, §1, eff. for all taxable periods beginning after Dec. 31. 2004.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.732.1. Qualified Subchapter S subsidiaries

RS 47:287.732.1 - Qualified Subchapter S subsidiaries
A. Taxation of a qualified Subchapter S subsidiary. Except as provided in Subsection C of this Section, a corporation treated as a qualified Subchapter S subsidiary for purposes of the Internal Revenue Code shall be required to comply with this Part the same as any other corporation. The provisions of this Part shall apply as if the qualified Subchapter S subsidiary and its parent had been required to file income tax returns with the Internal Revenue Service as C corporations for the current and all prior taxable years in accordance with federal law.
B. Special adjustments by the secretary. In addition to the authority granted by R.S. 47:287.480, whenever a qualified Subchapter S subsidiary does not qualify for the exclusion provided by Subsection C of this Section, the secretary may require combined or consolidated reports or returns as may be necessary to properly reflect the taxable income earned in Louisiana. This authority shall not limit the secretary's authority to require use of the separate accounting method as provided by R.S. 47:287.94 when the apportionment method produces a manifestly unfair result.
C. Qualified Subchapter S subsidiary exclusion. An exclusion is allowed for corporations classified as qualified Subchapter S subsidiaries under federal law for the taxable year as follows:
(1) In computing Louisiana taxable income pursuant to this Part, a qualified Subchapter S subsidiary may exclude all of its Louisiana net income for the taxable year, provided that the S corporation that owns the stock of the qualified Subchapter S subsidiary files a Louisiana income tax return that includes all of the income of the qualified Subchapter S subsidiary in computing its net income for the taxable year.
(2) If the Louisiana taxable income of a qualified Subchapter S subsidiary qualifies for the exclusion provided in Paragraph (1) of this Subsection, the qualified Subchapter S subsidiary shall not be treated as a separate corporation, and all assets, liabilities, and items of income, deduction, credit, and any other items of the qualified Subchapter S subsidiary shall be treated as assets, liabilities, and items of income, deduction, credit, and other items of the corporation owning the stock of the qualified Subchapter S subsidiary.
(3) If the Louisiana taxable income of a qualified Subchapter S subsidiary is excluded for the taxable year under Paragraph (1) of this Subsection, the S corporation that owns the stock of the qualified Subchapter S subsidiary may exclude the percentage of the qualified Subchapter S subsidiary's Louisiana net income for the taxable year as provided in R.S. 47:287.732(B).
Acts 2002, No. 17, §1, eff. for taxable periods beginning after Dec. 31, 2002.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.733. Corporations filing consolidated federal returns

RS 47:287.733 - Corporations filing consolidated federal returns
A. Except as otherwise provided in Subsection B of this Section, when a corporation is included with affiliates in a consolidated federal income tax return in accordance with federal law, the terms and provisions of this Part shall apply as if the corporation had been required to file an income tax return with the Internal Revenue Service on a separate corporation basis for the current and all prior taxable years, in accordance with federal law. Nothing in this Section shall be construed to allow a deduction for federal income tax on a separate corporation basis.
B.(1) Notwithstanding the provisions of Subsection A, any gain recognized by the distributing corporation pursuant to Section 311(b) of the Internal Revenue Code, but deferred for federal income tax purposes pursuant to the regulations under Section 1502 of the Internal Revenue Code, relating to deferred intercompany transactions, shall also be deferred for purposes of this Part and shall be restored to income of the distributing corporation in the year it would be restored to a member of the affiliated group pursuant to the regulations under Section 1502 of the Internal Revenue Code. Except, such deferred income shall be restored to income of the distributing corporation and taxed if the distributing corporation is merged with another corporation, reorganized, or ceases to be liable for corporation income tax for any reason whatsoever.
(2) In such case, for the purpose of determining gain or loss but for no other purposes, the adjusted basis of the distributee corporation in the property distributed to it by the distributing corporation shall be the distributing corporation's basis increased by the gain which would have been recognized but which is deferred pursuant to Paragraph B(1).
(3) Notwithstanding any other provision of this Section for purposes of determining a deduction for depreciation or amortization, the basis of any property distributed pursuant to Paragraph B(2) shall be the same to the distributee corporation as it was to the distributing corporation.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 1996, No. 42, §1, eff. for taxable periods beginning after Dec. 31, 1996.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.734. Domestic International Sales Corporations (DISC's) and Foreign Sales Corporations (FSC's)

RS 47:287.734 - Domestic International Sales Corporations (DISC's) and Foreign Sales Corporations (FSC's)
A. The federal law classification Domestic International Sales Corporation (DISC) is not cognizable at law in this state. For the purposes of this Part, a DISC under federal law shall be taxed and required to comply with the law the same as any other corporation. A corporation which owns stock in, makes sales to, or otherwise uses the services of a corporation classified as a DISC under federal law may be required by the secretary to include a proportionate share of DISC income and deductions on its own return to clearly reflect its income for the taxable year.
B. The federal law classification Foreign Sales Corporation (FSC) is not cognizable at law in this state. For the purposes of this Part an FSC under federal law shall be taxed and required to comply with the law the same as any other corporation. A corporation which owns stock in, makes sales to, or otherwise uses the services of a corporation classified as an FSC under federal law may be required by the secretary to include a proportionate share of the FSC's income and deductions on its own return to clearly reflect its income for the taxable year.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.736. Real Estate Investment Trusts (REITs)

RS 47:287.736 - Real Estate Investment Trusts (REITs)
A. The tax imposed by this Part upon corporations shall be imposed upon real estate investment trusts and shall be computed only upon that part of the net income of the real estate investment trust which is subject to federal income tax as provided in Sections 857 and 858 of the Internal Revenue Code of 1986, as amended, except as otherwise provided in this Section.
B. The term "real estate investment trust" shall have the meaning ascribed to such term in Section 856 of the Internal Revenue Code of 1986, as amended.
C. The dividend paid deduction otherwise allowed by federal law in computing net income of a real estate investment trust that is subject to federal income tax shall not be allowed as a deduction in computing the tax imposed by this Part unless the real estate investment trust is either (1) a publicly traded real estate investment trust or (2) a qualified real estate investment trust as defined in this Section.
D. For purposes of this Section, the term "qualified real estate investment trust" shall mean any real estate investment trust other than a real estate investment trust more than fifty percent of the voting power or value of the beneficial interests or shares of which are owned or controlled, directly or indirectly, by a single entity that is:
(1) Subject to the provisions of Subchapter C of Chapter 1 of Subtitle A of Title 26 of the United States Code, as amended, and not exempt from federal income tax pursuant to the provisions of Section 501 of the Internal Revenue Code of 1986, as amended.
(2) Not a real estate investment trust as defined in this Section or a qualified real estate investment trust subsidiary under Section 856(i) of the Internal Revenue Code of 1986, as amended.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 2005, No. 396, §1, eff. for all taxable periods beginning after Dec. 31, 2005.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.741. Special rule for leases

RS 47:287.741 - Special rule for leases
Special federal rules for leases or finance leases shall be ignored in the determination of gross income, allowable deductions, net income, and Louisiana net income under this Part. For purposes of this Section, "special federal rules for leases or finance leases" means Section 168(f)(8) of the Internal Revenue Code of 1954, as amended by the Tax Equity and Fiscal Responsibility Act of 1982 and the Tax Reform Act of 1984, and such provisions, portions, or principles thereof as are retained in federal law by the transitional rules of the Tax Reform Act of 1986.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.745. Deductions from gross income; depletion

RS 47:287.745 - Deductions from gross income; depletion
A. In computing net income in the case of oil and gas wells there shall be allowed as a deduction cost depletion as defined under federal law or percentage depletion as provided for in Subsection B, whichever is greater.
B. In the case of oil and gas wells, the percentage depletion provided for in Subsection A shall be twenty-two percent of gross income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property. Such allowance shall not exceed fifty percent of the net income of the taxpayer, computed without allowance for depletion, from the property. In determining net income from the property, federal income taxes shall be considered an expense.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 2015, No. 123, §1, eff. July 1, 2015; §3, eff. July 1, 2018.
NOTE: See Acts 2015, No. 123, §5, re: applicability.
NOTE: See Acts 2018, 2nd E.S., No. 4, §1, re: applicability.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.746. Adjustments to income and deductions

RS 47:287.746 - Adjustments to income and deductions
Income and deductions reported under federal law may be increased or decreased to take into account the differences in reporting under prior Louisiana law or due to modifications, such as depletion and intangible drilling and development costs, under this Part. Such increase or decrease shall be as prescribed by the secretary.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.747. Situs of stock cancelled or redeemed in liquidation

RS 47:287.747 - Situs of stock cancelled or redeemed in liquidation
In cases where property located in Louisiana is received by a shareholder in the liquidation of a corporation, the stock cancelled or redeemed in the liquidation shall, for purposes of determining taxable gain under this Part, be deemed to have its taxable situs in this state to the extent that the property of the corporation distributed in liquidation is located in Louisiana. If only a portion of the property distributed in liquidation is located in Louisiana, only a corresponding portion of the gain realized by a shareholder shall be considered to be derived from Louisiana sources. Nothing in this Section shall be construed to mean that gain or loss shall be recognized upon the transfer of property in a merger of corporations where the basis of the property in the hands of the merging corporation is carried forward as the basis in the hands of the continuing corporation.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.748. Corporation tax credit; re-entrant jobs credit

RS 47:287.748 - Corporation tax credit; re-entrant jobs credit
A. The intent of this Section is solely to encourage the employment in full-time jobs in the state of Louisiana of re-entrants who have been convicted of a felony and who have successfully completed the Intensive Incarceration Program as provided for in R.S. 15:574.4. Any taxpayer who employs an eligible re-entrant during the taxable year in the state of Louisiana shall be allowed a credit against the tax liability due under the corporate income tax as determined pursuant to Subsection B of this Section.
B.(1) The credit shall be one hundred eight dollars per eligible re-entrant employed, as defined in Subsection C hereof, but shall not exceed thirty-six percent of corporate income tax.
(2) Only one credit shall be permitted for any one individual employee during his employment by the taxpayer and shall be in lieu of any credit available under R.S. 47:287.749.
(3)(a) The amount of the credit allowed under Subsection B(1) for the taxable year shall be an amount equal to the sum of:
(i) A carry-over of prior unused credits arising from taxable years beginning on or after January 1, 1987, carried to such taxable year, plus
(ii) The amount of the credit determined under Subsection A for the taxable year.
(b) If the sum of the amount of credits as determined under the provisions of Subsection B(3)(a)(i) and (ii) of this Section for the current taxable year exceeds the limitation imposed by Subsection B(1), the excess shall be treated as a carry-over credit and may be carried over for a maximum of five consecutive years following the taxable year in which the credit originated. Such carry-over credits are to be applied in reduction of the tax in the order of the taxable years in which the credits originated, beginning with the credit for the earliest taxable year.
C. "Eligible re-entrant" is defined as a person:
(1) Residing and domiciled in this state; who has been convicted of a felony and who has successfully completed the Intensive Incarceration Program as provided for in R.S. 15:574.4.
(2) Who has been employed by the taxpayer in a full-time position in this state, performing such duties at least thirty hours per week for at least six consecutive calendar months.
(3) Who, since his release from custody and prior to this current employment by the taxpayer, has not been employed in a full-time position for six months or more.
D. The credit provided for pursuant to the provisions of this Section shall terminate and shall have no effect beginning January 1, 2020.
Acts 1987, No. 758, §1; Acts 2015, No. 125, §2, eff. July 1, 2015; Acts 2016, 1st Ex. Sess., No. 29, §2; Acts 2017, No. 400, §§1, 4, eff. June 26, 2017; Acts 2017, No. 403, §2, eff. June 26, 2017.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.751. Reconciliation of transitional differences

RS 47:287.751 - Reconciliation of transitional differences
A. The secretary is authorized to provide methods for transition and allocation between the requirements of prior law and the requirements of this Part in order that timing differences and other differences in tax accounting such as the adjusted basis of property may be reconciled.
B. Differences between prior law and this Part respecting basis or other provisions such as those which require or allow a taxpayer to do the following:
(1) To report gross income under this Part in a period later than under prior law or earlier than under prior law.
(2) To deduct expenses under this Part one or more periods after such expenses are allowable under prior law or one or more periods before such expenses are allowable under prior law.
(3) To report an item of income more than once.
(4) To deduct an item of cost more than once, may be allocated by the secretary between taxable years, or disallowed, or required to be reported, as the case may be, when the secretary determines such allocations or methods are necessary to clearly reflect income.
C. For purposes of this Section, the term "require" includes lawful elections made by the taxpayer.
D. The secretary is authorized to promulgate rules and regulations to carryout and enforce the purposes of this Section.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.752. Tax credit for employment of first-time nonviolent offenders

RS 47:287.752 - Tax credit for employment of first-time nonviolent offenders
A. There shall be a credit against the tax liability due under this Chapter, as provided in this Section, for each taxpayer who provides full-time employment to an individual who has been convicted of a first-time nonviolent offense.
B.(1) The credit shall be one hundred forty-four dollars per taxable year per eligible employee.
(a) Only one credit is allowed per taxable year per employee.
(b) The credit may be received for a maximum of two years per employee.
(2) The credit shall be available upon certification by the employee's probation officer that the employee has successfully completed a court-ordered drug treatment/rehabilitation program or any other court-ordered program and has worked one hundred eighty days full-time for the employer seeking the credit.
(3)(a) The form for applying for the credit shall be determined by the Department of Revenue and such form shall contain a signed statement executed by both employer and employee certifying the employee’s active full-time work status at the time the credit is taken.
(b) The secretary of the Department of Revenue shall promulgate such rules and regulations as may be deemed necessary to carry out the purposes of this Section.
C. As used in this Section, the following terms shall have the following meanings:
(1) "Eligible employee" and "employee" mean an individual convicted of a first-time nonviolent offense.
(2) "Full-time employment" means working a minimum of thirty hours per week.
(3) "Nonviolent offense" means an offense that is not defined as a "crime of violence" pursuant to R.S. 14:2(B).
D. The credit provided for pursuant to the provisions of this Section shall terminate and shall have no effect beginning January 1, 2020.
Acts 1994, 3rd Ex. Sess., No. 104, §1; Acts 1997, No. 658, §2; Acts 2001, No. 1032, §15; Acts 2005, No. 285, §1, eff. June 29, 2005, for tax years beginning on and after Jan. 1, 2005; Acts 2016, 1st Ex. Sess., No. 29, §2; Acts 2017, No. 400, §§1, 4, eff. June 26, 2017; Acts 2017, No. 403, §2, eff. June 26, 2017.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.756. Tax credit for environmental equipment purchases

RS 47:287.756 - Tax credit for environmental equipment purchases
A. Any business entity authorized to do business in the state of Louisiana and subject to the state corporation income tax imposed by this Part, except a corporation classified under the Internal Revenue Code as a Subchapter S Corporation, shall be allowed a tax credit for the purchase of environmental equipment designed to recover or recycle chlorofluorocarbons used as refrigerants in commercial, home, and automobile air-conditioning systems, refrigeration units, and industrial cooling applications.
B. The tax credit shall be twenty percent of the purchase price of the equipment if paid for in a single taxable year. If the equipment purchased is financed over two or more taxable years, the tax credit in a taxable year shall be twenty percent of that portion of the original purchase price paid in that taxable year.
C. All environmental equipment for which a tax credit is sought shall conform with technical standards set by the secretary of the Department of Environmental Quality. The secretary of the Department of Revenue shall utilize those standards in the promulgation of such rules and regulations as may be deemed necessary to carry out the purposes of this Section.
D. The tax credit allowed by this Section shall apply only to equipment purchased between July 1, 1989 and December 31, 1991. The credit for equipment purchased prior to January 1, 1991 shall be claimed on either an amended return for the applicable tax year or in the first taxable year filing following January 1, 1991.
E. The tax credit allowed by this Section shall not exceed the total income tax liability of the corporation.
Acts 1991, No. 312, §1, eff. Jan. 1, 1991; Acts 1997, No. 658, §2.
{{NOTE: SEE ALSO R.S. 47:297(G).}}
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.758. Tax credit for bone marrow donor expense

RS 47:287.758 - Tax credit for bone marrow donor expense
A. As used in this Section, the following definitions shall apply:
(1) "Bone marrow donor expense" means the sum of amounts paid or incurred during the tax year by an employer for the following:
(a) Development of an employee bone marrow donation program.
(b) Employee education related to bone marrow donation, including but not limited to the need for donors and an explanation of the procedures used to determine tissue type and donate bone marrow.
(c) Payments to a health care provider for determining the tissue type of an employee who agrees to register or registers as a bone marrow donor.
(d) Wages paid to an employee for time reasonably related to tissue typing and bone marrow donation. However, any wages that are used to obtain any tax credit provided in this Section shall not be deductible as an expense for income tax purposes.
(e) Transportation of an employee to the site of a donation or any other service which is determined by the Louisiana Department of Health by rule as essential for a successful bone marrow donation.
(2) "Employee" means an individual:
(a) Who is regularly employed by the taxpayer for more than twenty hours per week.
(b) Who is not a temporary or seasonal employee.
(c) Whose wages are subject to withholding under R.S. 47:111 through 120.3.
(3) "Wages" has the meaning given the term for purposes of R.S. 47:111 through 120.3.
B. A credit against the taxes otherwise due under this Part for the tax year is allowed to an employer. The amount of the credit is equal to eighteen percent of the bone marrow donor expense paid or incurred during the tax year by an employer to provide a program for employees who are potential or who actually become bone marrow donors.
C.(1) Except as provided in Paragraph (2) of this Subsection, the allowance of a credit under this Section shall not affect the computation of taxable income for purposes of this Part.
(2) If in determining the amount of the credit for any tax year an amount allowed as a deduction under Section 170 of the Internal Revenue Code is included in bone marrow donor expense, the amount allowed as a deduction shall be added to federal taxable income.
Acts 1992, No. 206, §2; Acts 2015, No. 125, §2, eff. July 1, 2015; Acts 2016, 1st Ex. Sess., No. 29, §2; Acts 2017, No. 400, §§1, 4, eff. June 26, 2017.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.759. Tax credit for employee and dependent health insurance coverage

RS 47:287.759 - Tax credit for employee and dependent health insurance coverage
A. When any contractor or subcontractor in the letting of any contract for the construction of a public work offers health insurance coverage as provided for in this Section, he shall be eligible for a three percent income tax credit on forty percent of the amount of the contract received in a tax year if eighty-five percent of the full-time employees of each contractor are offered health insurance coverage and each such general contractor or subcontractor pays seventy-five percent of the total premium for such health insurance coverage for each full-time employee who chooses to participate and pays not less than fifty percent of the total premium for health insurance coverage for each dependent of the full-time employee who elects to participate in dependent coverage.
B. For the purposes of this Section, a full-time employee shall be one that is scheduled to work a minimum of thirty-five hours per week and who earns from the general contractor or subcontractor less than forty thousand dollars annually.
C.(1) The credit shall be allowed against the income tax for the period in which the credit is earned.
(2) A credit shall not be allowed to a general contractor for any contract amounts received that are paid to a subcontractor eligible for a credit on such amount.
(3) The credit shall not exceed two million one hundred sixty thousand dollars per year.
Acts 2005, No. 504, §1, eff. July 12, 2005, applicable to tax years beginning on and after Jan. 1, 2005, but before Jan. 1, 2008; Acts 2015, No. 125, §2, eff. July 1, 2015; Acts 2016, 1st Ex. Sess., No. 29, §2; Acts 2017, No. 400, §§2, and 4, eff. June 26, 2017.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.785. Rules and regulations

RS 47:287.785 - Rules and regulations
A. The secretary is authorized to promulgate, make, and publish reasonable rules and regulations for the purpose of the proper administration and enforcement of this Part and the collection of revenues hereunder. Such rules and regulations shall not be inconsistent with the provisions of Title 47 or other laws or the Constitution of this state. Rules and regulations adopted and promulgated by the secretary in accordance with law shall have the full force and effect of law.
B. To the extent not otherwise provided in this Part, any election under this Part shall be made at such time and in such manner as the secretary may prescribe by instructions, regulations, directions, or forms.
C. Regulations in force on effective date of Part.
(1) Existing regulations, duly adopted for the administration and interpretation of Chapter 1 of Title 47, relative to the income taxation of corporations, which are in existence and operative on the effective date of this Part shall remain fully effective for taxable years beginning before January 1, 1987.
(2) Carryover regulations. Existing regulations relative to the income taxation of corporations other than insurance companies, which are not inconsistent with this Part and which the secretary deems necessary and useful for the administration of this Part, shall continue to have the full force and effect of law without formal promulgation pursuant to the provisions of the Administrative Procedure Act, R.S. 49:950 et seq. In connection with the carryover of the regulations, the secretary shall not alter the sense, meaning, or effect of any existing rule or regulation intended carryover effect,* but may:
(i) Renumber and rearrange Sections or parts of Sections.
(ii) Transfer Sections or divide Sections so as to give to distinct subject matters a separate Section number, but without changing the meaning.
(iii) Insert or change the wording of headnotes.
(iv) Change reference numbers to agree with renumbered Chapters, Parts, or Sections.
(v) Substitute the proper Section number for the term "the preceding Section" and the like.
(vi) Strike out figures where they are merely a repetition of written words and vice-versa.
(vii) Change capitalization, spacing, and margins for purposes of uniformity.
(viii) Correct manifest typographical and grammatical errors.
(ix) Make any other purely formal or clerical changes in keeping with the purpose of revising or updating the carryover of the regulations.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
*AS APPEARS IN ENROLLED BILL.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:290. Purpose

RS 47:290 - Purpose
A. This Part is intended to conform the Louisiana individual income tax law with the United States Internal Revenue Code, except as otherwise expressly provided, in order to simplify the taxpayer's filing of returns, reduce the taxpayer's accounting burden, and facilitate the collection and administration of these taxes.
B. It is intended that for any taxable year individuals domiciled, residing, or having a permanent place of abode in Louisiana shall be taxed upon income from whatever sources derived and that all other individuals having income earned within or derived from sources in this state shall be taxed upon their Louisiana income for that year.
Acts 1980, No. 316, §1.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:292. Inconsistent provisions

RS 47:292 - Inconsistent provisions
The provisions of this Part shall supersede the provisions of Part I and Part II of this Chapter to the extent that they are inconsistent or in conflict herewith. The provisions of Part I and Part II of this Chapter shall remain in effect to the extent that they are not inconsistent or in conflict with this Part.
Acts 1980, No. 316, §1.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:292.1. Special authority for the secretary with respect to military service in the Persian Gulf area

RS 47:292.1 - Special authority for the secretary with respect to military service in the Persian Gulf area
Notwithstanding any provisions of law to the contrary, the secretary shall grant certain relief to military personnel for service in the Persian Gulf area or associated with Operation Desert Shield to the full extent of such relief granted by federal law.
Acts 1991, No. 889, §1, eff. for taxable years beginning on or after Jan. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:292.2. Special grant of authority for the secretary with respect to military service in Bosnia

RS 47:292.2 - Special grant of authority for the secretary with respect to military service in Bosnia
Notwithstanding any provision of law to the contrary, the secretary shall grant relief to military personnel for service in Bosnia to the full extent of such relief granted by federal law.
Acts 1996, No. 30, §1, eff. for taxable years beginning after Dec. 31, 1994.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:292.3. Special authority for the secretary with respect to certain military service in the uniformed services

RS 47:292.3 - Special authority for the secretary with respect to certain military service in the uniformed services
Notwithstanding any other provision of law to the contrary, the secretary may grant certain relief to persons in the uniformed services for service in the uniformed services as defined in R.S. 29:403(9) to the full extent of such relief granted by federal law.
Acts 2001, 2nd Ex. Sess., No. 6, §1, eff. Oct. 16, 2001.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:293.1. Deduction for federal income tax for Hurricane Ida

RS 47:293.1 - Deduction for federal income tax for Hurricane Ida
For taxable periods beginning on January 1, 2020, through December 31, 2021, federal income tax liability shall be increased by the amount by which an individual's federal income tax due to the United States for the taxable period was decreased as a result of claiming the increased federal standard deduction or the federal itemized deduction for certain net disaster losses attributable to Hurricane Ida.
Acts 2023, No. 434, §1, eff. June 27, 2023.
NOTE: See Acts 2023, No. 434, §2, re: applicability.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:293.2. Regulation requirement for capital gains deduction

RS 47:293.2 - Regulation requirement for capital gains deduction
A. The secretary of the Department of Revenue shall promulgate regulations providing for the individual income tax deduction for income from net capital gains arising from the sale or exchange of an equity interest in or substantially all of the assets of a nonpublicly traded corporation, partnership, limited liability company, or other business organization commercially domiciled in Louisiana under R.S. 47:293(9)(a)(xvii) and (10).
B. The purpose of the regulations shall be to reduce the existing administrative requirements for eligible taxpayers.
C. Such regulations shall, at a minimum, provide for the following:
(1) Documentation requirements applicable to taxpayers claiming the deduction.
(2) A de minimis exception to documentation requirements for small transactions eligible for the deduction.
(3) Restrictions on eligibility for transactions if the majority of physical assets are located outside of Louisiana.
(4) Restrictions on eligibility for transactions between related parties.
Acts 2023, No. 242, §1.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:294. Personal exemptions and credit for dependents

RS 47:294 - Personal exemptions and credit for dependents
All personal exemptions and deductions for dependents allowed in determining federal income tax liability, including the extra exemption for the blind and aged, will be allowed in determining the tax liability in this Part. Taxpayers are required to use the same filing status and claim the same exemptions on their return required to be filed under this Part as they used on their federal income tax return. The amounts to be taken into consideration shall be as follows:
A. A combined personal exemption and standard deduction in the following amounts:
a. Single Individual
$ 4500.00
b. Married-Joint Return and a Qualified Surviving Spouse
$ 9000.00
c. Married-Separate
$ 4500.00
d. Head of Household
$ 9000.00
B. An additional deduction of one thousand dollars shall be allowed for each allowable exemption in excess of those required to qualify for the exemption allowable under R.S. 47:294(A).
Acts 1980, No. 316, §1. Acts 1983, 2nd Ex. Sess., No. 1, §1, eff. Dec. 19, 1983.
{{NOTE: SECTION 4 OF ACTS 1983, 2ND EX. SESS., NO. 1, PROVIDES AS FOLLOWS: "THE PROVISIONS OF THIS ACT SHALL BE APPLICABLE TO TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 1982. FOR TAXABLE YEARS BEGINNING PRIOR TO JANUARY 1, 1983, THE TAX SHALL BE AS REQUIRED BY LAW PRIOR TO THE EFFECTIVE DATE OF THIS ACT."}}