LDR Income Tax Relief Provisions; IRS Economic Impact Payment FAQs
Tuesday, March 31, 2020
Posted by: Ann Lupo
Louisiana Department of Revenue (LDR) Revenue Ruling 2020-02 Income Tax Relief Provisions for COVID‐19 Public Health Emergency
The purpose of this ruling is to provide guidance and relief provisions relative to income tax, as follows:
- Safe harbor provision for declaration payments for the 2020 tax year
- Allowance for late filed elections for pass-through entity tax
- Extension of time to acquire tax credit or execute a binding agreement to transfer a tax credit.
IR-2020-61, March 30, 2020 Economic impact payments: What you need to know FAQs
The Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
Questions about the content of this Alert should be directed to LCPA State Government Relations Director Linda Babin.