At the conclusion of the 3rd Extraordinary Session of 2024, the Louisiana Legislature passed a series of bills aimed at reforming the Louisiana tax code.
LDR Rule Amendments and Emergency Rule
As we approach the year-end, taxpayers should consider the following amendments to regulations made by the Louisiana Department of Revenue earlier this year that go into effect today and on January 1st and the emergency rule regarding the following real and personal property regulations: LAC 61:V.703, 705, 901, 903, 907, 1007, 1103, 1301, 1303
Elimination of Louisiana’s Net Capital Gains Deduction from Income Tax
Owners of businesses in Louisiana considering a sale or divestiture of their ownership interests or substantially all of the assets of a business entity domiciled in this state should be advised that during the 2024 Third Extraordinary Session the legislature repealed the net capital gains deduction in its entirety.
Proposed Changes to Louisiana Severance Tax Scheme
In keeping with the Governor’s call for the Legislature’s 2024 Third Extraordinary Session, House Bill No. 25 was introduced on Monday seeking to adjust severance tax rates, eliminate exemptions, and modify administrative procedures and dedications of mineral revenues.
Governor Landry Calls For an Extraordinary Session of the Legislature to Address Tax Reform
On October 26, 2024, Governor Landry issued a Call to Convene the Legislature of Louisiana into Extraordinary Session (the “Call”) to address state tax reform.
FinCEN Extends CTA Filing Deadlines for Certain Businesses in Louisiana Due to Hurricane Francine
On October 29, 2024, the Financial Crimes Enforcement Network (FinCEN) announced that certain businesses in Louisiana affected by Hurricane Francine will have an additional six months to submit beneficial ownership information (BOI) reports
Louisiana Extends Certain Filing and Payment Deadlines Due to Hurricane Francine
On September 13, 2024, the Louisiana Department of Revenue (the “Department”) published Revenue Information Bulletin Number 24-019 granting automatic extensions to eligible individuals and businesses impacted by Hurricane Francine.
NAR Settlement: What Real Estate Practitioners Need to Know
On August 17, 2024, new requirements governing the relationship between residential buyers, sellers, and real estate agents went into effect.
Dismissal with Prejudice of Plaintiffs’ Claims Against Building Products Manufacturer
Liskow lawyers Tyler Trew and Sheri Corales recently secured a ruling in their favor in Louisiana state court, at the preliminary stage of the litigation, dismissing the entirety of Plaintiffs’ claims against Liskow’s client, Lincoln Wood Products, Inc. (“Lincoln”).
FinCEN Proposes New Regulation for Residential Property
On February 16, 2024, the Treasury Department published a proposed regulation relating to new reporting requirements for certain transfers of residential real estate consistent with its rulemaking authority under the Bank Secrecy Act. The rule would require the filing of a Real Estate Report with the Financial Crimes Enforcement Network (FinCEN) after the transfer of residential real estate.