The bill amends R.S. 47:6006 regarding the tax credit for local inventory taxes paid in Louisiana. It prohibits trusts and estates from claiming this credit while allowing cooperatives and S corporations to claim it under specific conditions. The bill also modifies the carry forward period for unused credits, extending it from five to ten years. Additionally, it clarifies that for payments made on or after July 1, 2026, no taxpayer classified as a C-corporation, estate, or trust will be eligible for the credit, although cooperatives may still qualify if they meet certain criteria.

Furthermore, the bill specifies that credits for taxes paid by corporations will apply to state corporation income taxes unless an election is made for the credit to flow through to shareholders of an S corporation. It also changes the terminology from "individual" income tax to "personal" income tax in certain contexts. The provisions of this Act will be applicable to income tax periods beginning on or after January 1, 2025, and it will take effect upon the governor's signature or after the designated time for bills to become law without signature.

Statutes affected:
SB65 Original: 47:6006(A)
SB65 Engrossed: 47:6006(A)
SB65 Reengrossed: 47:6006(A)
SB65 Enrolled: 47:6006(A)
SB65 Act 412: 47:6006(A)