DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 92 Original 2016 First Extraordinary Session Bishop
Abstract: Eliminates the refundability of the excess amount of the tax credit for ad valorem taxes
paid on inventory for taxpayers who pay $10,000 or more in ad valorem taxes.
Present law authorizes a partially refundable tax credit for taxpayers who pay $10,000 or more in ad
valorem taxes on inventory and allows any unused credits to be carried forward as a credit against
subsequent tax liability for a period not to exceed five years.
Proposed law retains the tax credit for ad valorem taxes paid on inventory on or after Jan. 1, 2016,
and the carryforward thereof, but eliminates the refundability for taxpayers who pay $10,000 or
more.
Applicable to all taxable periods beginning on or after Jan. 1, 2017.
Effective on January 1, 2017, if and when the proposed amendment of Article VII of the Constitution
contained in the Act which originated as HB No. ___ of the 2016 1st E.S. is adopted at a statewide
election and becomes effective.
(Amends R.S. 47:6006(B))