ENROLLED
ACT No. 133
2015 Regular Session
HOUSE BILL NO. 805
BY REPRESENTATIVE ADAMS
1 AN ACT
2 To amend and reenact R.S. 47:6006(A) and (B)and 6015(B)(1) and (2) and (D) and to enact
3 R.S. 47:6015(K), relative to income and corporation franchise tax credits; to provide
4 with respect to the tax credit for ad valorem taxes paid on inventory and certain
5 natural gas; to provide with respect to the research and development tax credit; to
6 provide with respect to authorization for issuance of refunds for tax credits which
7 exceed taxpayer tax liability; to provide for certain limitations; to provide for
8 effectiveness; and to provide for related matters.
9 Be it enacted by the Legislature of Louisiana:
10 Section 1. R.S. 47:6006(A) and (B) and 6015(B)(1) and (2) and (D) are hereby
11 amended and reenacted and R.S. 47:6015(K) is hereby enacted to read as follows:
12 §6006. Tax credits for local inventory taxes paid
13 A.(1) There shall be allowed a credit against any Louisiana income or
14 corporation franchise tax for ad valorem taxes paid to political subdivisions on
15 inventory held by manufacturers, distributors, and retailers and.
16 (2) There shall be allowed a credit against any Louisiana income or
17 corporation franchise tax for ad valorem taxes paid to political subdivisions on
18 natural gas held, used, or consumed in providing natural gas storage services or
19 operating natural gas storage facilities.
20 B. Credit for taxes paid by corporations shall be applied to state corporate
21 income and corporation franchise taxes. Credit for taxes paid by unincorporated
22 persons shall be applied to state personal income taxes. The taxpayer shall be
23 entitled to a refund for any allowable credit which exceeds the aggregate tax liability
24 of the taxpayer for the taxes imposed by Chapter 1 and Chapter 5 of Subtitle II of
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1 this Title. The secretary shall make such a refund to the taxpayer in the amount to
2 which he is entitled from the current collections of the taxes collected pursuant to
3 Chapter 1 and Chapter 5 of such a Subtitle II. If the amount of the credit authorized
4 pursuant to Subsection A of this Section exceeds the amount of tax liability for the
5 tax year, the following amounts of the excess credit shall either be refundable or may
6 be carried forward as a credit against subsequent Louisiana income or corporation
7 franchise tax liability for a period not to exceed five years, as follows:
8 (1) Eligible taxpayers whose ad valorem taxes paid to all political
9 subdivisions in the taxable year was less than ten thousand dollars shall be refunded
10 all of the excess credit.
11 (2) Eligible taxpayers whose ad valorem taxes paid to all political
12 subdivisions in the taxable year was ten thousand dollars or more shall be refunded
13 seventy-five percent of the excess credit, and the remaining twenty-five percent of
14 the credit may be carried forward as a credit against subsequent tax liability for a
15 period not to exceed five years.
16 §6015. Research and development tax credit
17 * * *
18 B.(1) Any taxpayer who employs fifty or more persons and claims for the
19 taxable year a federal income tax credit under 26 U.S.C. 41(a) for increasing research
20 activities shall be allowed a refundable tax credit to be applied against income and
21 corporation franchise taxes due in the manner provided for in Subsection K of this
22 Section.
23 (2) Any taxpayer who employs less than fifty persons and claims for the
24 taxable year a federal income tax credit under 26 U.S.C. 41(a) for the taxable year,
25 or meets the requirements of Subparagraph (3)(i) of this Subsection, shall be allowed
26 a refundable tax credit to be applied against income and corporation franchise taxes
27 due in the manner provided for in Subsection K of this Section.
28 * * *
29 D. A taxpayer who receives a federal Small Business Innovation Research
30 Grant as created by the Small Business Innovation Development Act of 1982 (P.L.
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1 97-219), reauthorized by the Small Business Research and Development
2 Enhancement Act (P.L. 102-564), and reauthorized again by the Small Business
3 Reauthorization Act of 2000 (P.L. 106-554), shall be allowed a refundable tax credit
4 in an amount equal to forty percent of the award received during the tax year.
5 * * *
6 K. If the amount of the credit authorized pursuant to Subsection A of this
7 Section exceeds the amount of tax liability for the tax year, the excess credit may be
8 carried forward as a credit against subsequent Louisiana income or corporation
9 franchise tax liability for a period not to exceed five years.
10 * * *
11 Section 2.(A) Except as provided for in Subsection (B) of this Section, the
12 provisions of this Act shall apply to all claims for these credits on any return filed on or after
13 July 1, 2015, regardless of the taxable year to which the return relates.
14 (B) The provisions of this Act shall not apply to an amended return filed on or after
15 July 1, 2015, provided that these credits were properly claimed on an original return filed
16 prior to July 1, 2015.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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