On June 4, 2025, Governor Jeff Landry signed Act 44 into law, making changes to the state’s motion picture production tax credit program.
IRS Eliminates Guidance Items
The IRS has obsoleted nine pieces of sub regulatory guidance in accordance with an executive order by President Trump to improve government efficiency by reducing regulations. In identifying the guidance documents for removal, the IRS determined that these guidance documents no longer provide useful information.
Among the guidance obsoleted by Notice 2025-22 is Notice 2015-73
Proposed Severance Tax Legislation
Several bills aimed at making changes to Louisiana severance tax laws were filed on Friday, the deadline for pre-filing bills to be considered during the Louisiana Legislature’s upcoming regular session, which is a fiscal one.
LDR Clarifies Sales and Use Tax Treatment for the Rental of Equipment with an Operator
On April 3, 2025, the Louisiana Department of Revenue published Revenue Information Bulletin No. 25-013 clarifying the proper sales and use tax treatment for rentals of cranes and other equipment with operators.
Status of Tax Reform in Louisiana
While voters in Louisiana may have rejected all four of the constitutional amendments on Saturday’s ballot (the Secretary of State reported just over 21% voter turnout), including Amendment No. 2 which contained significant tax measures, efforts at tax reform are likely to resume during the Legislative Session that convenes next month.
FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and Persons
FinCEN announced an interim final rule on March 21, 2025 that removes both United States companies, regardless of ownership, and United States persons from the definition of Reporting Companies required to file a Corporate Transparency Act Beneficial Ownership Information (“BOI”) Report . Under the new rule, “Reporting Company” means only those entities “that are formed
Louisiana State and Local Tax Update – March 29th Ballot on Constitutional Amendments to Proceed
On Tuesday, the Louisiana Supreme Court rejected an attempt to block a constitutional amendment needed to complete the restructuring of the state’s tax laws sought by Gov. Jeff Landry and the Louisiana Legislature.
FinCEN Announces Pause on Fines and Other Penalties Related to BOI Reporting Deadlines
The Financial Crimes Enforcement Network (“FinCEN”) announced on February 27, 2025 that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (“BOI”) reports.
FinCEN Confirms BOI Report Filing Extension to March 21 After Nationwide Injunction Lifted
For most businesses, Beneficial Ownership Information (“BOI”) reports will now be due by March 21, 2025 according to a FinCEN Notice updating deadlines for filing BOI reports.
Eastern District of Texas Stays Injunction Against Enforcement of BOI Reporting Requirements
The last nationwide injunction against enforcement of the Corporate Transparency Act’s Beneficial Ownership Information (“BOI”) reporting requirements has been stayed by Judge Kernodle of the Eastern District of Texas.