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Rs 47:246 Corporations; Deduction From Net Income From Louisiana Sources

§246. Corporations; deduction from net income from Louisiana sources

NOTE: Subsection A eff. until June 30, 2018. See Acts 2015, No. 123, §6.

A. Subject to the limitations provided herein, there shall be deducted from any net

income from Louisiana sources determined under the provisions of R.S. 47:241 of a

corporation for any year following the close of the first taxable year which commenced on

or after January 1, 1979 and prior to January 1, 2015, the amount of net Louisiana loss

incurred in a preceding year determined as provided in Subsection B of this Section. For

taxable years beginning on or after January 1, 2015, the amount of the deduction allowed

shall be seventy-two percent of the amount of net Louisiana loss incurred in a preceding year

determined as provided in Subsection B of this Section.

NOTE: Subsection A as enacted by Acts 2015, No. 123, §§3, 6, eff. July 1,

2018.

A. Subject to the limitations provided herein, there shall be deducted from any net

income from Louisiana sources determined under the provisions of R.S. 47:241 of a

corporation for any year following the close of the first taxable year which commenced on

or after January 1, 1979, the amount of net Louisiana loss incurred in a preceding year

determined as provided in Subsection B of this Section.

B.(1) The amount of net Louisiana loss incurred in any year commencing on or after

January 1, 1979, shall be the amount determined by combining the total of net allocable gain

or loss within or attributable to sources in this state as determined under the provisions of

R.S. 47:243 and the net apportionable gain or loss within or attributable to sources in this

state as determined under the provisions of R.S. 47:244, reduced by the amount of any

federal income tax credit or refund from a prior year attributable to the carry-back of a loss

for federal income tax purposes which is applicable to federal income tax deducted from

Louisiana net income in such prior year.

(2) The net Louisiana loss as thus computed for any tax year may be deducted from

net income calculated under the provisions of R.S. 47:241 in any of the five years

immediately following the year in which the loss occurred.

C. The amount of net Louisiana loss to be deducted in the first taxable year following

the taxable year in which the net loss was incurred shall not exceed the amount of net income

from Louisiana sources calculated under the provisions of R.S. 47:241; the amount of net

Louisiana loss available as a deduction for each of the following four years shall be the

excess, if any, of the net Louisiana loss over the sum of the deductions claimed against net

income from Louisiana sources for each of the years following the year of the net Louisiana

loss.

D. The deduction from net income from Louisiana sources for any year shall not

exceed net income from Louisiana sources for that year and no deduction for a net Louisiana

loss for any years shall be allowed in the year following the year in which the total of net

income from Louisiana sources determined under the provisions of R.S. 47:241 for all years

following the year of the net Louisiana loss equals or exceeds the amount of the net

Louisiana loss.

E. For all claims for this deduction on any return filed on or after July 1, 2015,

regardless of the taxable year to which the return relates, no carry-back election shall be

allowed.

F. A taxpayer may request a tentative refund resulting from the election provided in

R.S. 47:246(E) using the forms and in the manner prescribed by the secretary. If the tentative

refund is paid, the secretary may recover any amount, to the extent of the tentative refund,

determined not to be an overpayment through any procedure provided in R.S. 47:1561 within

two years from December 31st of the year in which the refund was paid. Any amount

determined not to have been overpaid shall bear interest at the rate provided in R.S. 47:1601

computed from the date the tentative refund was issued until payment is made by the

taxpayer.

G. For all claims for this deduction on any return filed on or after July 1, 2015,

regardless of the taxable year to which the return relates, no refund shall be allowed.

Added by Acts 1979, No. 586, §2. Amended by Acts 1980, No. 632, §1; Acts 1985,

No. 129, §1, eff. Aug. 1, 1985; Acts 2013, No. 341, §1, effective when the 113th Congress

of the U.S. grants a similar benefit to taxpayers under federal income tax law and applicable

to taxable years beginning August 1, 2011, and thereafter; Acts 2015, No. 103, §1, eff. July

1, 2015; Acts 2015, No. 123, §1, eff. July 1, 2015; Acts 2015, No. 123, §3, eff. July 1, 2018.

NOTE: See Acts 2015, No. 123, §5, re: applicability.

NOTE: See Acts 2015, No. 103, §2, re: applicability.

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Local Government
Louisiana
3
8
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John Bel Edwards
John Bel Edwards
January 11, 2016 -
Democratic
1-225-342-4404
900 North 3rd Street, Baton Rouge, LA, 70802

Keywords
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louisiana
loss
income
tax
sources
years
determined
deduction
exceed