The Louisiana Tax Commission has set the dates and schedule for its 2021 Rules and Regulations process. During this annual process, the Commission receives and considers proposals to amend its Rules and Regulations submitted by assessors, including the Louisiana Assessors Association, by the Commission’s own staff and by taxpayers. The proposals vary from ministerial amendments to amendments that can dramatically impact the value of personal property and thereby, the ultimate amount of taxes paid by taxpayers. Every year proposals are made to amend the tables providing the average economic lives of most business assets in Chapter 25 of the Commission’s Rules and Regulations. In addition, there have been perennial disputes over the methodologies to value oil and gas and other types of wells as well as how to value pipelines.
If you have property in Louisiana, it is important to review the proposals (they will be posted on the Commission’s website after submission on June 26, 2020) and determine whether any proposal impacts your property in Louisiana. If any do, you should consider attending the presentation of proposals on July 15, 2020 and submitting a rebuttal by the July 31, 2020 deadline.