Louisiana 2018 2018 1st Special Session

Louisiana Senate Bill SB2 Comm Sub / Analysis

                    The original instrument was prepared by Leonore F. Heavey. The following digest,
which does not constitute a part of the legislative instrument, was prepared by James
Benton.
DIGEST
SB 2 Engrossed 2018 First Extraordinary Session	Morrell
Present law provides that the deduction from state income taxes for federal income tax is the amount
of federal income taxes paid less any federal income tax credits determined by the secretary of
revenue to be disaster relief credits.
Proposed law retains present law and provides that for taxable years beginning on or after January
1, 2015, and before January 1, 2018, the federal income tax deduction from state income taxes
allowed for individuals will not be reduced by the amount of net disaster losses deducted on the
person's federal income tax return for the same tax period. 
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Adds R.S. 47:293(4)(d))
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Revenue and Fiscal Affairs to
the original bill
1. Changes the date of initial applicability from January 1, 2016 to January 1, 2015.