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Rs 47:287.745 Deductions From Gross Income; Depletion

§287.745. Deductions from gross income; depletion

A. In computing net income in the case of oil and gas wells there shall be allowed

as a deduction cost depletion as defined under federal law or percentage depletion as

provided for in Subsection B, whichever is greater.

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

B. In the case of oil and gas wells, the percentage depletion provided for in

Subsection A shall be fifteen and eight-tenths of one percent of gross income from the

property during the taxable year, excluding from such gross income an amount equal to

seventy-two percent of any rents or royalties paid or incurred by the taxpayer in respect of

the property. Such allowance shall not exceed thirty-six percent of the net income of the

taxpayer, computed without allowance for depletion, from the property. In determining net

income from the property, federal income taxes shall be considered an expense.

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

2018.

B. In the case of oil and gas wells, the percentage depletion provided for in

Subsection A shall be twenty-two percent of gross income from the property during the

taxable year, excluding from such gross income an amount equal to any rents or royalties

paid or incurred by the taxpayer in respect of the property. Such allowance shall not exceed

fifty percent of the net income of the taxpayer, computed without allowance for depletion,

from the property. In determining net income from the property, federal income taxes shall

be considered an expense.

Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 2015, No. 123, §1, eff.

July 1, 2015; §3, eff. July 1, 2018.

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

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Local Government
Louisiana
3
8
0
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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