§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.