While several bills were considered that would restructure the state’s severance tax scheme on oil and gas during Louisiana’s 2025 regular legislative session, three bills aimed to stimulate drilling activity and attract jobs in the energy sector were passed and sent to Governor Jeff Landry for his signature.
Continue Reading Louisiana Severance Tax Law Changes – A Win for Oil & Gas
On April 3, 2025, the Louisiana Department of Revenue published Revenue Information Bulletin No. 25-013 clarifying the proper sales and use tax treatment for rentals of cranes and other equipment with operators. Under Act 11 of the Third Extraordinary Session of 2024, the Louisiana Legislature repealed the statutory sales and use tax exclusion for the
On Tuesday, the Louisiana Supreme Court rejected an attempt to block a constitutional amendment needed to complete the restructuring of the state’s tax laws sought by Gov. Jeff Landry and the Louisiana Legislature. The Court allowed to move forward a statewide vote on a package of changes to the state’s tax laws by dismissing a
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entity domiciled in this state should be advised that during the 2024 Third Extraordinary Session the legislature repealed the net capital gains deduction in its entirety.
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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