DECLARAN SU COMPROMISO DE:

Acts 2013, No. 304 [R.S. 47:6026(E)(1)] extends the Cane River Heritage Tax Credit to January 1, 2018. It was set to expire January 1, 2014. Effective August 1, 2013.

Acts 2013, No. 341 [R.S. 47:246(E) and 287.86(B)(1)] authorizes a five year net operating loss carryback for cor- porations, if the loss is attributable to Hurricane Isaac. The Act only becomes effective if the federal government grants a similar benefit to taxpayers under federal income tax law. Effective for taxable periods beginning August 1, 2011, and thereafter.

Acts 2013, No. 427 [R.S. 47:6035(B) (1)] changes the definition of “alternative fuel” to “natural gas, liquefied petroleum gas, and any nonethanol based advanced biofuel. “Alternative fuel” may also mean electricity, if the vehicle meets all of the following criteria: (1) the vehicle has at least four wheels; (2) the vehicle is manufactured primarily for use on public streets, roads, and highways and is able to attain a maximum speed of at least 55 miles per hour; and (3) the vehicle is propelled by an electric motor which draws electricity from a battery which has a capacity of not less than four kilowatt hours and is capable of being recharged from an external source of electric- ity. Effective for taxable periods beginning on or after January 1, 2014.

Acts 2013, No. 428, [R.S. 47:6030] repeals the tax credit for wind energy systems and changes the tax credit to provide for solar electric and solar thermal energy systems. Repeals the tax credit for installations in a residential rental apartment complex. Provides for a total phase-out of the credit on January 1, 2018 and amends the amount of the tax credit for leased systems, as follows:

(a) The tax credit shall be equal to fifty percent of the first twenty-five thousand dollars of the cost of purchase for a system installed before January 1, 2014

(b) For a system installed on or after January 1, 2014 and before January 1, 2018, the tax credit shall be equal to thirty-eight percent of the first twenty-five thousand dollars of the cost of purchase.

Provides further limitations on the credit as follows:

(a) For a system purchased and installed on or after July 1, 2013, and before July 1, 2014, the system shall cost no more than four dollars and fifty cents per watt and provide for no more than six kilowatts of energy.

(b) For a system purchased and installed on or after July 1, 2014, and before July 1, 2015, the system shall cost no more than three dollars and fifty cents per watt and provide for no more than six kilowatts of energy.

(c) For a system purchased and installed on or after July 1, 2015, and before January 1, 2018, the system shall cost no more than two dollars per watt and provide for no more than six kilowatts of energy.

In addition, provides that systems must be sold and installed by a person who is licensed by the Louisiana State Licensing Board for Contractors and any system components purchased on or after July 1, 2013 must be compli- ant with the requirements of the federal American Recovery and Reinvestment Act (ARRA). Any non-ARRA compliant components purchased before July 1, 2013 must be placed in service prior to January 1, 2014 to be eligible for the credit. Finally, provides that with respect to each residence, only one tax credit for the purchase and installation of a system shall be allowed. Effective July 1, 2013.

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Corporation Income Tax

Index of Exemptions

{ EXEMPTIONS/EXCLUSIONS }

1. Credit Unions. . . . 98

R.S. 6:662

2. Exemption for Certain Foreign Corporations . . . . 98

R.S. 12:302(K) and (L)

3. Electric Cooperatives . . . . 99

R.S. 12:425

4. State Banking Corporations and Shareholders . . . . 99

R.S. 47:8, R.S. 47:121(2)

5. Dividends from National Banking Corporations and State Banking Corporations . . . . 100

R.S. 47:287.71(B)(6)

6. Interest on State or Local Government Obligations . . . . 100

R.S. 47:48, R.S. 47:287.71(B)(4)

7. Certain Exempt Entities . . . . 101

R.S. 47:121(1)-(15), R.S. 47:287.501(A), R.S. 47:287.501(B)(l), R.S. 47:287.521(A)

8. Louisiana Community Development Financial Institutions . . . . 102

R.S. 51:3092

9. Governmental Subsidies for Operating Public Transportation Systems . . . . 103

R.S. 47:51, R.S. 47:287.71(B)(2) 10. Subchapter S Corporation . . . . 103 R.S. 47:287.732 { DEDUCTIONS } 11. Percentage Depletion . . . . 104 R.S. 47:158(C), R.S. 47:287.745

12. Net Louisiana Operating Loss . . . . 104

R.S. 47:246, R.S. 47:287.86

13. Deduction for I.R.C. Section 280C Expense . . . . 105

R.S. 47:287.73(C)(4)

14. Deduction for Interest Income and Dividend Income . . . . 105

R.S. 47:287.738(F)

15. Deduction for Hurricane Recovery Entity Benefits . . . . 106

R.S. 287.738(G)

{ CREDITS }

16. Insurance Company Premium Tax . . . . 106

R.S. 47:227

17. Bone Marrow Donor Expense. . . . 107

R.S. 47:287.758

18. Employment of Certain First-time Nonviolent Offenders . . . . 107

R.S. 47:287.752

19. Donations to Assist Qualified Playgrounds . . . . 108

R.S. 47:6008

20. Contribution of Tangible Personal Property of Sophisticated & Technological Nature to Educational Institutions . 108

R.S. 47:37, R.S. 47:287.755

21. Employee and Dependent Health Insurance Coverage Credit . . . . 109

R.S. 47:287.759

22. Donations to Public Elementary or Secondary Schools . . . . 109

R.S. 47:6013

23. Credit for Debt Issuance Costs . . . . 110

R.S. 47:6017

24. Donations of Property to Certain Offices and Agencies. . . . 110

R.S. 47:6011

25. Donations of Material, Equipment, or Instructors Made to Certain Training Providers . . . . 111

R.S. 47:6012

26. Vehicle Alternate Fuel Usage . . . . 111

R.S. 47:287.757, R.S. 47:38

27. Employment of the Previously Unemployed . . . . 112

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Corporation Income Tax

Index of Exemptions

28. Purchase of Qualified New Recycling Manufacturing or Process Equipment and/or Service Contracts . . . . 112

R.S. 47:6005

29. Louisiana Basic-skills Training . . . . 113

R.S. 47:6009

30. Apprenticeship Tax Credit . . . . 113

R.S. 47:6033

31. Cash Donations to the Dedicated Research Investment Fund . . . . 114

R.S. 51:2203

32. New Jobs Credit . . . . 114

R.S. 47:34, R.S. 47:287.749

33. Certain Refunds Issued by Utilities . . . . 115

R.S. 47:265, R.S. 47:287.664

34. Hiring Eligible Re-entrants . . . . 115

R.S. 47:287.748

35. Neighborhood Assistance . . . . 116

R.S. 47:35, R.S. 47:287.753

36. Credit for Rehabilitation of Historic Structures. . . . 116

R.S. 47:6019

37. Louisiana Community Development Financial Institutions Act Credit. . . . 117

R.S. 51:3081 through 3094

38. Low-income housing . . . . 117

R.S. 47:12

39. Inventory Tax/Ad Valorem Tax . . . . 118

R.S. 47:6006

40. Ad Valorem Tax on Natural Gas. . . . 118

R.S. 47:6006

41. Ad Valorem Tax Credit for Offshore Vessels . . . . 119

R.S. 47:6006.1

42. Credit for Ad Valorem Tax Paid by Certain Telephone Companies . . . . 119

R.S. 47:6014

43. Credit for Purchases from Prison Industry Enhancement Contractors . . . . 120

R.S. 47:6018

44. Credit for the LA Citizens Property Insurance Corporation Assessments . . . . 120

R.S. 47:6025

45. Sugarcane Transport Credit . . . . 121

R.S. 47:6029

46. Wind and Solar Energy System Credit . . . . 121

R.S. 47:6030

47. Milk Producers Tax Credit. . . . 122

R.S. 47:6032

48. Conversion of Vehicles to Alternative Fuel. . . . 122

R.S. 47:6035

49. School Readiness Child Care Provider Credit . . . . 123

R.S. 47:6105

50. School Readiness Business Supported Child Care Credit . . . . 123

R.S. 47:6107(A)(1)

51. School Readiness Fees and Grants to Resource and Referral Agencies Credit . . . . 124

R.S. 47:6107(A)(2)

{ REBATES }

52. Donations to School Tuition Organization . . . . 124

R.S. 47:6301

{ EXEMPTION REQUIRED BY THE STATE CONSTITUTION }

53. Federal Income Tax Deduction . . . . 125

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Corporation Income Tax