2020 Tax Season – Transferability of Credits and Pass-Through Entity Elections
On March 18, 2021, the Louisiana Department of Revenue (“LDR”) extended all 2020 income and 2021 franchise tax deadlines from May 15, 2021, to June 15, 2021.
The purpose of this bulletin is to clarify that any filing extension granted by the LDR shall not serve as an extension for time to acquire a tax credit or execute a binding agreement to transfer a tax credit. Further, no extension for elections of the pass-through entity tax shall be granted absent reasonable cause.
Natural Gas Severance Tax Rate Effective July 1, 2021, through June 30, 2022
Questions about the content of this Alert should be directed to LCPA State Government Relations Director Linda Babin.