Louisiana Revised Statutes 47:287.656 – Adjustment of overpayment of estimated income tax by corporation
Terms Used In Louisiana Revised Statutes 47:287.656
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- secretary of revenue: when used in this Title, mean the secretary of the Department of Revenue for the state of Louisiana. See Louisiana Revised Statutes 47:1501
- 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. Application of adjustment.
(1) Time for filing. A corporation may, after the close of the taxable year and on or before the fifteenth day of the fourth month thereafter, and before the day on which it files a return for such taxable year, file an application for an adjustment of an overpayment by it of estimated income tax for such taxable year. An application under this Subsection shall not constitute a claim for credit or refund.
(2) Form of application. An application under this Subsection shall be verified in the manner prescribed in the case of a return of the taxpayer and shall be filed in the manner and form prescribed by the secretary of revenue and taxation. The application shall set forth:
(a) The estimated income tax paid by the corporation during the taxable year.
(b) The amount which, at the time of filing the application, the corporation estimates as its income tax liability for the taxable year.
(c) The amount of the adjustment.
(d) Such other information for purposes of carrying out the provisions of this Section as may be required by such regulations.
B. Allowance of adjustment.
(1) Limited examination of application. Within a period of forty-five days from the date on which an application for an adjustment is filed under Subsection A, the secretary shall make, to the extent he deems practicable in such period, a limited examination of the application to discover omissions and errors therein and shall determine the amount of the adjustment upon the basis of the application and the examination, except that the secretary may disallow, without further action, any application which he finds contains material omissions or errors which he deems cannot be corrected within such forty-five days.
(2) Adjustment credited or refunded. The secretary, within the forty-five day period referred to in Paragraph (1), may credit the amount of the adjustment against any liability in respect of any tax administered by the secretary on the part of the corporation and shall refund the remainder to the corporation.
(3) Limitation. No application under this Section shall be allowed unless the amount of the adjustment equals or exceeds (a) ten percent of the amount estimated by the corporation on its application as its income tax liability for the taxable year, and (b) five hundred dollars.
(4) Effect of adjustment. For purposes of this Part, other than La. Rev. Stat. 47:287.655, any adjustment under this Section shall be treated as a reduction in the estimated income tax paid made on the day the credit is allowed or the refund is paid.
C. Definitions. For purposes of this Section and La. Rev. Stat. 47:287.655, relating to excessive adjustment:
(1) The term “income tax liability” means the tax imposed by this Part less the sum of any credits allowable against the tax.
(2) The amount of an adjustment under this Section is equal to the excess of:
(a) The estimated income tax paid by the corporation during the taxable year, over
(b) The amount which, at the time of filing the application, the corporation estimates as its income tax liability for the taxable year.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.