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Rs 47:287.85 Federal Income Tax Deduction

§287.85. Federal income tax deduction

A. In computing Louisiana taxable income under R.S. 47:287.79, there shall be

allowed as a deduction federal income taxes paid.

B. For purposes of this Section, federal income taxes shall include taxes based on net

income, accumulated earnings, war profits, excess profits, personal holding company

income, and tax from recomputation of investment credit. The alternative minimum tax is

a federal income tax allowable to the extent provided in R.S. 47:287.83(B).

C.(1) The amount of federal income tax to be deducted shall be that portion of the

total federal income tax, after all credits, which is levied with respect to the particular income

derived from sources in this state to be computed in accordance with rules and regulations

prescribed by the secretary. Proper adjustment shall be made for the actual tax rates applying

to different classes of income and for all differences in the computation of net income for

purposes of federal income taxation as compared to the computation of net income under this

Part.

(2) "Credits" as used in this Subsection does not include overpayments of prior year

taxes allowed as a credit, estimated tax payments or similar prepayments, credit for prior year

alternative minimum tax which is allowed as a credit against the current regular federal

income tax, or federal income tax credits determined by the secretary to be presidential

disaster area disaster relief credits.

D. A corporation that files or is included with affiliates in a consolidated federal income tax

return shall compute its federal income tax deduction in accordance with rules and

regulations prescribed by the secretary.

Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 1987, No. 53, §1; Acts

1997, No. 165, §1, eff. June 13, 1997, for taxable periods that have not prescribed on June

13, 1997; Acts 2005, 1st Ex. Sess., No. 23, §1, eff. Jan. 21, 2006.

NOTE: SEE ACTS 1987, NO. 53, §2.

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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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