The legislative instrument and the following digest, which constitutes no part of
the legislative instrument, were prepared by Riley Boudreaux.
CONFERENCE COMMI TTEE REPORT DIGEST
Senate Bill No. 37 by Senator Gary Smith
Keyword and summary of the bill as proposed by the Conference Committee
TAX/TAXATION. Authorizes for corporations a net operating loss carryback of 5 years if the
los is attributable to Hurricane Isaac. (see Act)
Report adopts House amendments to:
1. Semi-technical amendment to place the same $10 million limit on, and the same
requirement of the taxpayer to certify his election of, a net operating loss carryback in the
companion provision of law in the bill.
Digest of the bill as proposed by the Conference Committee
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))