Louisiana Revised Statutes 47:1621.1 – Satisfaction of rulings or judgments of the Board of Tax Appeals
Terms Used In Louisiana Revised Statutes 47:1621.1
- Subtitle: means and includes all the Chapters in Subtitle II of this Title 47 and any other Title of the Louisiana Revised Statutes of 1950 except the provisions of Chapter 1 of Subtitle IV of Title 47 of the Louisiana Revised Statutes of 1950 and estate taxes for the assessment, collection, administration, and enforcement of taxes, fees, licenses, penalties, and interest due the state of Louisiana which have been delegated to the Department of Revenue. See Louisiana Revised Statutes 47:1501
A. A final ruling or judgment of the Board of Tax Appeals concerning the overpayment of severance taxes, issued pursuant to Part V of Chapter 17 of Subtitle II of Title 47 of the Louisiana Revised Statutes of 1950 may be applied, with the consent of the parties involved, as a credit against any state tax liability of the taxpayer for whom the judgment or ruling was rendered. Such credit may be applied to the income tax, corporate franchise tax, or any other state tax liability of the taxpayer.
B. The credit may be applied to any tax liability for the taxable year or taxable period in which the ruling or judgment becomes final. Any amount of the credit unused in any taxable year may be carried forward for the succeeding three taxable years.
C. For purposes of this Section, “parties involved” shall mean only the taxpayer and the Department of Revenue.
Acts 1989, 2nd Ex. Sess., No. 15, §2, eff. July 24, 1989; Acts 1997, No. 658, §2.