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Rs 47:287.86 Net Operating Loss Deduction

§287.86. Net operating loss deduction

A. Deduction from Louisiana net income. Except as otherwise provided, 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, there shall be allowed for the taxable year a deduction

reducing Louisiana net income in an amount equal to seventy-two percent of the net

operating loss carryovers to such year, but the deduction shall never exceed seventy-two

percent of Louisiana net income.

B. Net operating loss carrybacks and carryovers. 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, the taxable years to which a Louisiana net loss may be carried shall be a net operating

loss carryover to each of the twenty taxable years following the taxable year of such loss.

C. Manner and amount of carryovers. 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, the

entire amount of Louisiana net loss for any taxable year, hereinafter the "loss year", shall be

carried over to the earliest of the taxable years allowed. The portion of such loss which shall

be carried to each of the other taxable years allowed by Subsection B shall be the excess, if

any, of the amount of such loss over the aggregate of the Louisiana taxable income for each

of the taxable years to which such loss may be carried. For the purposes of this Subsection:

(1) Louisiana taxable income shall not be adjusted to less than zero.

(2) In calculating the aggregate Louisiana taxable incomes in cases where more than

one loss year must be taken into account, the various net operating loss carryovers to such

taxable year are considered to be applied in reduction of Louisiana net income in the order

of the taxable years from which such losses are carried over, beginning with the loss for the

most recent taxable year.

D. Statement with tax return. Every corporation claiming a net operating loss

deduction for any taxable year shall file with its return for such year a concise statement

setting forth the amount of the net operating loss claimed and all material and pertinent facts

relative thereto, including a detailed schedule showing the computation of the net operating

loss deduction.

E. Net operating loss carryovers. Notwithstanding any other provisions of this

Chapter to the contrary, 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, the acquiring corporation

shall succeed to and take into account, as of the close of the day of distribution or transfer,

the aggregate net operating loss carryovers of the distributors or transferor corporation as

determined under this Section, subject to federal law and the limitations provided thereunder.

Acts 1989, No. 770, §1, eff. Jan. 1, 1989; Acts 1990, No. 849, §2, eff. for taxable

years beginning after Dec. 31, 1989; Acts 1992, No. 1083, §1, eff. for all open taxable

periods; Acts 2002, No. 10, §1, eff. June 7, 2002; Acts 2013, No. 341, §1, applicable to

taxable years on or after Jan. 1, 2013; 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; Acts 2016, 1st Ex.

Sess., No. 6, §§1, 3, eff. Jan. 1, 2016; Acts 2016, No. 24, 1st Ex. Sess., §1, eff. Jan. 1, 2017;

Acts 2016, 2nd Ex. Sess., No. 2, §§1, 2, eff. June 22, 2016.

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

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

NOTE: See Acts 2016, 1st Ex.Sess., No. 6 and Acts 2016, 2nd Ex. Sess., No. 2,

regarding 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
loss
net
taxable
operating
carryover
louisiana
years
deduction
carried
income