Louisiana Administrative Code › Title 61 - REVENUE AND TAXATION › Part I - Taxes Collected and Administered by the Secretary of Revenue › Chapter 67 - Louisiana Entertainment Industry Tax Credit Programs › Section I-6769 - Use of Tax Credits

Current through Register Vol. 50, No. 6, June 20, 2024
A. For
				tax credits earned by expenditures made on or before December 31, 2011:
1. prior to claiming a tax credit on any tax
				return, or transferring any tax credit, a person must apply for and obtain
				final certification;
2. after
				receiving final certification, a tax credit may be applied as follows:
a. the credit shall be allowed against the
				income tax due for applications submitted prior to July 1, 2009, and against
				the income or franchise tax due for applications submitted on or after July 1,
				2009. The credit shall be allowed against the income or franchise tax due from
				a taxpayer for the taxable period in which the credit is earned as well as the
				immediately preceding period. If the tax credit allowed exceeds the amount of
				such taxes due from a taxpayer, then any unused credit may be carried forward
				by the taxpayer as a credit against subsequent tax liability for a period not
				to exceed 10 years. However, in no event shall the amount of the tax credit
				applied in a taxable period exceed the amount of such taxes due from the
				taxpayer for that taxable year;
b.
				all entities taxed as corporations for Louisiana income tax purposes shall
				claim any credit allowed under this section on their corporation income tax
				return, or in the case of applications submitted after July 1, 2009, their
				income and franchise tax returns;
c. individuals shall claim any credit allowed
				under this section on their individual income tax return;
d. entities not taxed as corporations shall
				claim any credits allowed under this Section on the returns of the partners or
				members as follows:
i. corporate partners or
				members shall claim their share of the credit on their corporation income tax
				returns;
ii. individual partners or
				members shall claim their share of the credit on their individual income tax
				returns;
iii. partners or members
				that are estates or trusts shall claim their share of the credit on their
				fiduciary income tax returns;
3. after receiving final certification, a tax
				credit may be transferred as follows:
a. any
				tax credits allocated to a person and not previously claimed by any taxpayer
				against his Louisiana state income or franchise tax may be transferred or sold
				by such person to another person, subject to the following conditions:
i. a single transfer may involve one or more
				transferees;
ii. transferors and
				transferred shall submit to the office and the Department of Revenue in
				writing, a notification of any transfer or sale of tax credits within 30 days
				after the transfer or sale of such tax credits. The notification shall include
				the transferors tax credit balance prior to transfer, the state-certified
				production number, the name of the state-certified production, the transferors
				remaining tax credit balance after transfer, all tax identification numbers for
				both transferor and transferee, the date of the transfer, the amount
				transferred, a copy of the tax credit certificate, and any other information
				required by the office or the Department of Revenue;
iii. failure to comply with this Paragraph
				will result in disallowance of the tax credit until the taxpayers are in full
				compliance;
iv. the transfer or
				sale of this credit does not extend the time in which the credit can be used.
				The carry forward period for credit that is transferred or sold begins on the
				date on which the credit was originally earned;
v. the transferee shall apply such credits in
				the same manner and against the same taxes as the taxpayer originally awarded
				the credit.