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Rs 47:265 Credits Arising From Refunds By Utilities

§265. 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.

Added by Acts 1960, No. 210, §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.

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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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income
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