Senate Bill No. 44, introduced by Senator Luneau, amends existing Louisiana tax law regarding the transfer and refundability of certain income tax credits. The bill specifically addresses tax credits related to ad valorem taxes paid by unincorporated persons, pass-through entities, restaurants donating oyster shells, and vessels in Outer Continental Shelf Lands Act Waters. Notably, the proposed law eliminates the refundability of these tax credits, replacing it with a provision that allows excess tax credit amounts to be carried forward as a credit against subsequent Louisiana individual income tax liability for a period not to exceed ten years.

The bill also includes amendments to various sections of the Louisiana Revised Statutes, specifically R.S. 47:6006(B), 6006.1(D)(1), and 6043(B)(1) and (D), as well as R.S. 47:6006.1(C). These changes aim to streamline the application of tax credits on tax returns and clarify the conditions under which taxpayers can claim these credits. The provisions of this Act will apply to taxable periods beginning on or after January 1, 2026, and it will become effective upon the governor's signature or after the lapse of time for gubernatorial action.

Statutes affected:
SB44 Original: 47:6006(B), 47:1(D), 47:6014(D), 47:6018(E), 47:6022(E)(2), 47:6043(B)(1), 47:1(C), 47:6015(D)
SB44 Engrossed: 47:6006(B), 47:1(D), 47:6043(B)(1), 47:1(C)
SB44 Reengrossed: 47:6006(B), 47:1(D)(1), 47:6043(B)(1), 47:1(C)