At the conclusion of the 3rd Extraordinary Session of 2024, the Louisiana Legislature passed a series of bills aimed at reforming the Louisiana tax code. The bills were signed into law by Governor Jeff Landry and a constitutional amendment will be on the ballot on March 29, 2025. Some of the highlights include eliminating the
As we approach the year-end, taxpayers should consider the following amendments to regulations made by the Louisiana Department of Revenue earlier this year that go into effect today and on January 1st and the emergency rule regarding the following real and personal property regulations: LAC 61:V.703, 705, 901, 903, 907, 1007, 1103, 1301, 1303
Owners of businesses in Louisiana considering a sale or divestiture of their ownership interests or substantially all of the assets of a business entity domiciled in this state should be advised that during the 2024 Third Extraordinary Session the legislature repealed the net capital gains deduction in its entirety.
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In keeping with the Governor’s call for the Legislature’s 2024 Third Extraordinary Session, House Bill No. 25 was introduced on Monday seeking to adjust severance tax rates, eliminate exemptions, and modify administrative procedures and dedications of mineral revenues.
HB 25 initially proposed that severance tax on oil should be determined based on volume at a
On June 17, 2024, the IRS published Revenue Ruling 2024-14 as part of a package it says will raise an additional $50 billion dollars of income taxes over the next decade from “basis-shifting transactions.” In addition to the Revenue Ruling, the package includes three proposed regulations affecting basis adjustments. The Revenue Ruling seeks to curtail
The Louisiana Department of Revenue has drafted an emergency regulation regarding the Louisiana net capital gains deduction, Louisiana Administrative Code 61:I.1312. The emergency regulation will be published in the January 20, 2024 issue of the Louisiana Register, but the rule is effective for all transactions occurring on or after January 1, 2024. The emergency