House Bill No. by Representative Beaullieu amends the Louisiana corporation income tax laws, specifically R.S. 47:287.69 and 287.86(A), to modify the net operating loss deduction. The bill changes the current deduction from allowing a reduction of Louisiana net income by 72% of the net operating loss carryovers to a full deduction of 100% for taxable years beginning on or after January 1, 2023. This adjustment aims to provide greater tax relief for corporations by allowing them to fully utilize their net operating losses in the specified tax years.

The bill also clarifies that the previous 72% deduction applies only to taxable years prior to January 1, 2023. The provisions of this Act will take effect upon the governor's signature or after the designated time for bills to become law without signature. Overall, this legislation seeks to enhance the financial flexibility of corporations in Louisiana by allowing them to offset their taxable income more effectively with their net operating losses.

Statutes affected:
HB622 Original: 47:86(A)