The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Riley Boudreaux.
DIGEST
Gary Smith (SB 37)
Present law authorizes a net operating loss carryback to each of the three taxable years preceding
the taxable year of such loss.
Proposed law authorizes for corporations a net operating loss carryback of five years if the loss is
"attributable to Hurricane Isaac". A loss is "attributable to Hurricane Isaac" if a portion of the
Louisiana net loss for the taxable year is attributable to business activity or business property of
the taxpayer located in any parish which is in whole or in part in the area with respect to which a
disaster has been declared by the President of the United States before September 10, 2012,
under Section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act by
reason of Hurricane Isaac.
Applicable to all tax years beginning January 1, 2012 and thereafter.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 47:246(E) and 287.86(B)(1))
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Revenue and Fiscal Affairs
to the original bill
1. Removes provisions regarding other federal tax benefits and the federal income
tax deduction.