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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2013 ENROLLED
SENATE BILL NO. 37
BY SENATORS GARY SMITH AND BROWN AND REPRESENTATI VE
SCHEXNAYDER
AN ACT1
To amend and reenact R.S. 47:246(E) and 287.86(B)(1), relative to income tax; to authorize2
a net operating loss deduction carryback for corporations of five taxable years if the3
loss is attributable to Hurricane Isaac; and to provide for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 47:246(E) and 287.86(B)(1) are hereby amended and reenacted to6
read as follows:7
§246. Corporations; deduction from net income from Louisiana sources8
* * *9
E.(1)(a) At Except as provided for in Subparagraph (b) of this10
Paragraph, at the election of the taxpayer a net operating loss deduction as11
determined in Subsection B may be a net operating loss carry back carryback to12
each of the three taxable years preceding the taxable year of such loss.13
(b) Upon certification by the Department of Revenue, at the election of14
the taxpayer a net operating loss deduction as determined in Subsection B may15
be a net operating loss carryback to each of the five taxable years preceding the16
taxable year of such loss, if the allocable loss for the tax year is attributable to17
Hurricane Isaac. The aggregate amount of net operating loss carryback18
deduction allowed under this Subparagraph for all taxpayers during any19
taxable year shall not exceed ten million dollars. An allocable loss is20
ACT No. 341 SB NO. 37 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
attributable to Hurricane Isaac if a portion of the allocable loss is attributable1
to business activity or business property of the taxpayer located in any parish2
which is in whole or in part in the area with respect to which a disaster has been3
declared by the president of the United States before September 10, 2012, under4
Section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance5
Act by reason of Hurricane Isaac.6
(2) Such election shall be made in accordance with rules and regulations7
prescribed by the Secretary of the Department of Revenue and Taxation. The first8
period to which a net operating loss may be carried under this provision is taxable9
years beginning on or after January 1, 1980. 10
* * *11
§287.86. Net operating loss deduction12
* * *13
B. Net operating loss carrybacks and carryovers. The taxable years to which14
a Louisiana net loss may be carried shall be:15
(1)(a) A Except as provided for in Subparagraph(b) of this Paragraph,16
a net operating loss carryback to each of the three taxable years preceding the taxable17
year of such loss, unless carry back carryback treatment is relinquished pursuant to18
R.S. 47:287.86(D).19
(b) A net operating loss carryback to each of the five taxable years20
preceding the taxable year of such loss if such loss is attributable to Hurricane21
Isaac, unless carryback treatment is relinquished pursuant to R.S. 47:287.86(D).22
A net operating loss is attributable to Hurricane Isaac if a portion of the23
Louisiana net loss for the taxable year is attributable to business activity or24
business property of the taxpayer located in any parish which is in whole or in25
part in the area with respect to which a disaster has been declared by the26
president of the United States before September 10, 2012, under Section 401 of27
the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason28
of Hurricane Isaac.29
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Section 2. The provisions of this Act shall be applicable to all tax years beginning1
August 1, 2011, and thereafter.2
Section 3. The provisions of this Act shall become effective if, as, and when the3
113th Congress of the United States grants a similar benefit to taxpayers under federal4
income tax law. The secretary of the Department of Revenue shall provide written5
notification to the Louisiana State Law Institute if such a benefit is enacted.6
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: