Louisiana Revised Statutes 47:297.8 – A.(1) Except as provided in Paragraph (2) of this Subsection, there shall be a credit against the tax imposed by this Chapter for individuals in an amount equal to three and one-half
Terms Used In Louisiana Revised Statutes 47:297.8
- 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) Except as provided in Paragraph (2) of this Subsection, there shall be a credit against the tax imposed by this Chapter for individuals in an amount equal to three and one-half percent of the federal earned income tax credit for which the individual is eligible for the taxable year pursuant to Section 32 of the Internal Revenue Code.
(2) For tax years beginning on or after January 1, 2019, through December 31, 2030, there shall be a credit against the tax imposed by this Chapter for individuals in an amount equal to five percent of the federal earned income tax credit for which the individual is eligible for the taxable year under Section 32 of the Internal Revenue Code.
B. If the credit against Louisiana income tax for resident individuals exceeds the amount of such individual’s tax liability for the taxable year, then such excess tax credit shall constitute an overpayment from the current collections of the taxes imposed under this Part. The right to a refund of any such overpayment shall not be subject to the requirements of La. Rev. Stat. 47:1621(B).
Acts 2007, No. 278, §1, eff. Jan. 1, 2008; Acts 2018, 2nd Ex. Sess., No. 6, §1, eff. June 12, 2018; Acts 2021, No. 453, §1, eff. June 23, 2021.