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Louisiana legislature passes several corporate income tax bills, taxpayer action by June 30, 2015, should be considered to secure certain benefits

On June 12 and June 15, 2015, the Louisiana State Legislature delivered a series of enrolled bills to the governor for his signature. If enacted, the bills would make several changes to Louisiana’s corporate income/franchise tax laws, including (1) reducing temporarily certain deductions, exclusions, and credits; (2) increasing the NOL carryforward from 15 to 20 years and eliminating the NOL carryback; (3) converting the refundable R&D credit to a carryover credit; (4) converting the refundable credit for certain local property taxes paid into a partially refundable credit; (5) rendering certain retailers ineligible for EZ benefits; and (6) reducing temporarily certain quality jobs program benefits.

If enacted, many of the above changes would be applicable on July 1, 2015, regardless of a taxpayer’s taxable year. Accordingly, taxpayers should consider whether to take action prior to July 1, 2015, to secure certain benefits should these bills become law. 

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