As we reported in prior posts, the Louisiana Legislature passed several revenue raising bills this year in an attempt to address an apparent $1.6 billion budget hole for the 2016 fiscal year. One of those new bills, HB 624 (now Act 123), provides a 28% reduction to certain corporate income tax exclusions and deductions, including … Continue Reading
Trick or Treat! Louisiana’s 2015 Tax Amnesty program begins at 12:00 AM on November 16, 2015 and closes on December 15, 2015. The 2015 iteration of the amnesty program offers a 33% waiver of penalties and 17% waiver of interest for taxpayers that apply and pay 100% of delinquent taxes. Here’s a scary thought: This … Continue Reading
On Monday, October 2, Judge Michael Caldwell of the Nineteenth Judicial District Court for the Parish of East Baton Rouge ruled that the Louisiana Chemical Association (the “LCA”) has standing to challenge the constitutionality of House Concurrent Resolution No. 8 (“HCR 8”). Specifically, the court found that the LCA is permitted to sue on behalf … Continue Reading
House Concurrent Resolution No. 8 (“HCR 8”) suspends certain tax exemptions on “business utilities” for the tax periods beginning on or after July 1, 2015 through August 5, 2016. Pursuant to HCR 8, businesses will pay a one percent (1%) sales and use tax on their purchases of utilities. The types of business utilities, as interpreted by … Continue Reading
There’s a children’s book, “The Goose That Almost Got Cooked,” which tells the story of a Canadian goose who takes a break from her flight south for the winter to rest at a lovely farm where the other geese are fed three meals a day. The Canadian goose thinks this is the life until discovering one … Continue Reading
Join Jones Walker LLP and Postlethwaite & Netterville for a Tax Legislation Update Panel Discussion. Kim Robinson and Matt Mantle will join the panel to give you an in depth look at state and local tax legislation enacted during the 2015 Regular Session of the Louisiana Legislature. They will also provide a preview of several pieces of … Continue Reading
Attention business taxpayers! The Louisiana legislative session is now over, and your Summer plans have now changed. Cancel your June beach trip, and prepare to get to work. ACTION ITEM: You should consider filing your 2014 Louisiana Income Tax Returns and 2015 Louisiana Franchise Tax Returns by June 30, 2015 to avoid many of the … Continue Reading
As the Texas Legislature wraps up its legislature session today, June 1, 2015, the Texas Legislature has approved a number of tax cuts to be sent to Governor Abbott. These tax cuts are expected to provide $3.8 billion in relief to Texas businesses and homeowners. First, the Texas Legislature adopted H.B. 32, which creates a … Continue Reading
The Louisiana Legislature’s ever-evolving tax and revenue “gumbo pot” is now really getting hot! And, as of this moment, the business community is still being served up as the main course. On May 18th, the Senate Revenue and Fiscal Affairs Committee moved forward several key tax bills that have already passed out of the Louisiana House of … Continue Reading
Don’t blink! Pay close attention, because things are moving quickly right now at the Louisiana Legislature! The Senate Revenue and Fiscal Affairs Committee met Monday, May 11th to hear a series of tax bills, including bills to implement combined reporting and an add-back provision for corporate income tax and clean-up provisions for the Louisiana Board … Continue Reading
The Louisiana House of Representatives took a major step yesterday in addressing the $1.6 billion budget hole for the 2016 fiscal year. All in, the House moved forward approximately $664 million in revenue raising bills, in spite of many protests by business and industry representatives. While the stated goal of many legislators was to have the burden … Continue Reading
We anticipated it was going to be a busy day for the folks at the Louisiana Legislature on Monday. And they certainly didn’t disappoint! Tornadoes, thunderstorms, floods, and power outages couldn’t stop the Louisiana House Ways & Means Committee from meeting late into the night yesterday to discuss – and pass through – many tax bills, all in … Continue Reading
Everyone should get ready for a very busy Monday at the Louisiana Legislature! On Monday, April 27th, at 9:00, the Louisiana House Ways & Means Committee will meet to discuss a number of tax bills. Importantly, among the tax issues to be discussed are combined reporting (HB 775), statutory add-backs (HB 531), NOL carrybacks (HB 218), … Continue Reading
There are a lot of cooks in the kitchen this year working on Louisiana tax legislation! The Louisiana Legislature convened the 2015 Regular Session at noon on Monday, April 13th. This is a fiscal session, meaning legislation dealing with taxes, exemptions, credits and deductions will be considered. Having reviewed the 290 bills that have been prefiled … Continue Reading
The 2015 Louisiana Tax Study Group, which was commissioned by the Louisiana Legislature and led by Dr. Jim Richardson, finally presented its much-anticipated report and recommendations today in a joint meeting before the House Committee on Ways and Means and the Senate Committee on Revenue and Fiscal Affairs. The executive summary of the 2015 Louisiana Tax … Continue Reading
Louisiana Governor Bobby Jindal today unveiled to lawmakers his new budget proposal for the next fiscal year. As was anticipated, Governor Jindal’s “recipe” for Louisiana’s current revenue and budget woes is, in part, to alter some of the state’s various refundable tax credit programs. These proposed changes are being suggested by the Governor to help plug a … Continue Reading
In the above video, Jones Walker SALT partner Jay Adams explains a few highlights from recent Louisiana legislation regarding the new “local” Board of Tax Appeals (BTA) available to taxpayers for matters involving local sales/use tax assessments and refund claims, as well as possible new traps for taxpayers relating to appeals of local sales/use tax refund … Continue Reading
ACTION ITEM: Importantly, with regard to all older local sales/use tax refund claims filed on or before July 4, 2013, where the local collector has failed to act on the claim, those pending refund claims must be appealed to the BTA before January 1, 2015. As we noted in a prior post, the Louisiana legislature … Continue Reading
The Louisiana Tax Amnesty program for 2014 wrapped up on Friday, November 14, 2014. The goal for this year’s amnesty program was $100 million, but the Department is now projecting $169 million in amnesty collections. Of that, $142 million will go into the “Amnesty Fund” for the State and $27 million will be retained by … Continue Reading
The Hinds County Chancery Court recently ruled that the Mississippi Supreme Court’s widely-discussed decision in Equifax, Inc. v. Mississippi Department of Revenue is a double-edged blade and, much to the Department of Revenue’s chagrin, cuts sharply in both directions. Miss. Dept. of Rev. v. Hotel and Restaurant Supply, Civil Action No. G2013-820 S/2, Hinds County Chancery … Continue Reading
Louisiana tax amnesty is back again! Louisiana Tax Amnesty 2014 began today, October 15, 2014, and will be held through November 14, 2014. This year’s 30-day tax amnesty program offers taxpayers the opportunity to settle tax matters with the Louisiana Department of Revenue by paying 100% of the delinquent taxes. In return, the Department will … Continue Reading
The Louisiana legislature and the Louisiana Board of Tax Appeals (the “BTA”) have been busy! On June 12, 2014, Louisiana Governor Bobby Jindal signed into law HB 863 (Act 640), which expands the jurisdiction of the Louisiana Board of Tax Appeals (the “BTA”) and changes a number of state and local tax procedures; most importantly, … Continue Reading