News & Tax Alerts: Tax Alerts – State

IRS and LDR Filing Deadlines; Claiming a Transferable Tax Credit on Louisiana Returns

Tuesday, March 14, 2017   (0 Comments)
Posted by: Ann Lupo

IRS and LDR Filing Deadlines: Clearing the Confusion

 

There has been confusion regarding Federal and Louisiana 2016 Calendar Year Entities Due Dates.

LCPA member Gerard (Jerry) Schreiber and LCPA State Government Relations Director Linda Babin have had numerous email communications with Louisiana Department of Revenue Tax Administration for clarification. Jerry has provided an updated Federal and Louisiana Filing Deadlines Chart.

LDR is in the process of updating Form R-6463 (1/17) to reflect the correct information as provided on Jerry’s deadlines chart for Partnership (not Composite Return) Extensions. See Act 661 of the 2016 Regular Legislative Session for Corporation and Partnership.

A link to IRS and LDR resources for Louisiana Tornado deadlines is also included with the Chart.

 

RIB 17-006 Extension of Filing/Payment Due Date for Initial Franchise Tax

Act 661 of the 2016 Regular Session of the Louisiana Legislature amended R.S. 47:609, thereby changing the dates on which corporate franchise tax returns/payments must be filed. Act 661 did not amend the due dates concerning the initial franchise tax for newly taxable corporations or other entities subject to the franchise tax, as provided in R.S. 47:611. See the RIB for details.

 

RIB 17-008 Claiming a Transferable Tax Credit on a Tax Return

Act 661 of the 2016 Regular Session of the Louisiana Legislature amended R.S. 47:1675 as it relates to the general provisions for credits against income and corporation franchise tax. Specifically, R.S. 47:1675(H)(1)(e) now provides that a taxpayer may only claim a tax credit on a tax return by performing one of two actions on or before the due date of the return, without regard to the granting of any extension:

  1. Purchase tax credits with an effective date of transfer on or before the due date of the return without regard to the granting of any extension; or
  2. Execute Form R-6111 which evidences a binding agreement to transfer a tax credit, on or before the due date of the return, without regard to the granting of any extension.
    See the RIB for details.

 Special thanks to Jerry Schreiber, CPA, a member of the LCPA's Federal Taxation Committee, for assisting with the content of this Alert. Questions about the content of this Alert should be directed to LCPA State Government Relations DirectorLinda Babin.