Louisiana Revised Statutes 47:297.23 – A.(1) There shall be allowed a refundable credit against the tax imposed by this Chapter for a taxpayer who adopts a child who is unrelated to the taxpayer and who is no more than tw
Terms Used In Louisiana Revised Statutes 47:297.23
- Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
A.(1) There shall be allowed a refundable credit against the tax imposed by this Chapter for a taxpayer who adopts a child who is unrelated to the taxpayer and who is no more than two years of age. The amount of the credit shall be equal to five thousand dollars and shall be claimed in the year in which adoption of the child becomes final. For purposes of this Section, the age of the child shall be determined at the time of the adoption placement.
(2) The tax credit authorized pursuant to the provisions of this Section shall not apply to the adoption of a child from foster care as defined in Children’s Code Article 603.
(3) A taxpayer who claims the credit authorized pursuant to the provisions of this Section shall be prohibited from also claiming the deduction authorized pursuant to the provisions of La. Rev. Stat. 47:297.21 for the adoption of the same child.
B.(1) If the amount of the credit authorized pursuant to the provisions of this Section exceeds the amount of the taxpayer’s tax liability for the taxable year, the excess tax credit amount shall constitute an overpayment as defined in La. Rev. Stat. 47:1621(A), and the secretary shall make a refund of the overpayment from the current collections of the taxes imposed pursuant to this Chapter. The right to a refund shall not be subject to the requirements of La. Rev. Stat. 47:1621(B).
(2) The taxpayer shall maintain all records necessary to verify the adoption and, if requested, shall provide the records to the Department of Revenue when filing the taxpayer’s tax return.
C. The secretary of the Department of Revenue may promulgate rules in accordance with the Administrative Procedure Act to implement the provisions of this Section, including rules related to the submission of documentation when claiming the credit.
D. No credits authorized by this Section may be claimed for any taxable year beginning after December 31, 2028.
Acts 2023, No. 452, §1, eff. June 29, 2023.