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Louisiana legislature passes several corporate income tax bills, taxpayer action by June 30, 2015, should be considered to secure certain benefits

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On June 12 and June 15, 2015, the Louisiana State Legislature delivered a series of enrolled bills to the governor for his signature. If enacted, the bills would make several changes to Louisiana’s corporate income/franchise tax laws, including (1) reducing temporarily certain deductions, exclusions, and credits; (2) increasing the NOL carryforward from 15 to 20 years and eliminating the NOL carryback; (3) converting the refundable R&D credit to a carryover credit; (4) converting the refundable credit for certain local property taxes paid into a partially refundable credit; (5) rendering certain retailers ineligible for EZ benefits; and (6) reducing temporarily certain quality jobs program benefits.

If enacted, many of the above changes would be applicable on July 1, 2015, regardless of a taxpayer’s taxable year. Accordingly, taxpayers should consider whether to take action prior to July 1, 2015, to secure certain benefits should these bills become law. 

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