On March 27, the Louisiana Department of Revenue issued guidance in RIB No. 26-011 on changes to the Inventory Tax Credit established during the 2024 Third Extraordinary Session and the 2025 Regular Session. The RIB reiterates that C corporations will no longer earn inventory tax credits (ITC) for ad valorem taxes paid on or after
Addendum – Estimated Tax Payments: Just after our article went to press, we received some informal guidance from the DOR regarding estimated tax payments that presents a bit of a conundrum for those considering the PTE election. As explained below, it may be necessary to make duplicate estimated payments at both the entity
This year, a number of state legislatures considered and passed legislation that creates a pass-through entity (PTE) tax as a workaround to the $10,000 cap on the state and local tax (SALT) itemized deduction. Nearly 30 states have enacted a PTE tax. Mississippi is one of the more recent states to join the ranks.
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