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.
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.
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.
LDR Provides RIB Retaining Certain Sales and Use Tax Exemptions Inadvertently Repealed by State Tax Reform Measures
In response to the 2024 Third Extraordinary Session to address state tax reform, the Louisiana Department of Revenue (the “Department”) issued Revenue Information Bulletin No. 25-009 to clarify that certain exemptions and exclusions were inadvertently repealed due to “technical oversights.”
Louisiana Tax Changes to Take Effect January 1
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entity domiciled in this state should be advised that during the 2024 Third Extraordinary Session the legislature repealed the net capital gains deduction in its entirety.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