RDCSB37 422 3950
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The original instrument was prepared by Riley Boudreaux. The following
digest, which does not constitute a part of the legislative instrument, was
prepared by Jerry G. Jones.
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, upon certification by the Department of Revenue, for corporations
a net operating loss carryback of five years if the loss is "attributable to Hurricane Isaac".
Provides that the aggregate amount of net operating loss carryback deduction allowed for all
taxpayers during any taxable year shall not exceed ten million dollars.
Proposed law provides that 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 August 1, 2011, and thereafter.
Effective if, as, and when the 113th Congress of the United States grants a similar benefit
to taxpayers under federal income tax law.
(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.
Committee Amendments Proposed by Senate Committee on Finance to the
engrossed bill
1. Effective date revised to become effective if, as, and when the 113th
Congress of the United States grants a similar benefit to taxpayers under
federal income tax law.
Senate Floor Amendments to reengrossed bill
1. Adds upon certification by the Dept. of Revenue.
2. Adds that aggregate amount of net operating loss carryback deduction
allowed for all taxpayers during any taxable year shall not exceed ten
million dollars.
3. Changes tax year applicability from Jan. 1, 2012, and thereafter to Aug. 1,
2011, and thereafter.
4. Bureau. RDCSB37 422 3950
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Summary of Amendments Adopted by House
Committee Amendments Proposed by House Committee on Ways and Means to the
re-reengrossed bill.
1. Technical.