The State Bond Commission has approved an expedited application process for local governments to help manage decreased revenues and increased expenses while dealing with COVID-19.  The application requires a ranking official of a local government to certify that the purpose of the loan is to carry on existing essential local government functions and/or to expand

Last week, the Louisiana Tax Commission issued an advisory confirming that the April 1 deadline for filing personal property tax forms with parish assessors was extended until April 13 pursuant to Governor John Bel Edward’s recent Executive Order. Separately, Orleans Parish Assessor Errol Williams extended the Orleans Parish deadline for filing property tax forms until

On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief and Economic Security Act (Public Law No: 116-136, the “CARES Act” or the “Act”).  The CARES Act makes significant changes to the taxation of individuals and businesses in the form of a number of relief provisions designed to mitigate the negative economic

Opportunity Zones (“OZs”) were added to the US Tax Code by the 2017 Tax Cuts and Jobs Act (“TCJA”).  OZs are economically-distressed communities where new investments, under certain conditions, may be eligible for preferential tax treatment. Communities are nominated by the states and approved by the Treasury Department as designated OZs.

OZs are designed to

The Industrial Tax Exemption Program (ITEP) is a key tax incentive for manufacturers looking to expand or build facilities in Louisiana.  The property tax exemption is authorized in the Constitution and is administered by the Louisiana Department of Economic Development (LED).  Historically, exemption contracts were approved at the state level and manufacturers enjoyed ten years

The Louisiana Legislature has simplified the effective state tax rates for most taxable transactions, eliminating the previous five potential tax rates (as applicable to various exemptions) to two possible rates: either fully exempt from state tax or 4.45% for most purchases. Effective July 1, 2018, House Bill (“HB”) 10 of the 2018 Third Extraordinary Session

The Louisiana Department of Revenue (the “Department”) has joined the ranks of cash-strapped states looking to raise additional corporate tax revenue through scrutinizing transfer pricing and proposing adjustments.  In transfer pricing audits, the Department looks at transactions between related parties (having common ownership) and seek to determine whether the transactions are priced as they would

The IRS is starting to notify employers of their potential liability under Obamacare’s employer mandate for the 2015 calendar year.  According to the IRS, the determinations are based on the employer’s 1094-C/1095-C informational returns filed for the 2015 tax year as well as individual tax information filed by the employer’s employees.

The IRS will notify

Construction Work in Progress (“CWIP”) is generally recognized as property that is in the process of changing from one state to another, such as the conversion of personal property from inventory to asset or fixture by installation, assembly, or construction.  See Valuation of Machinery and Equipment Construction in Progress (CIP), Pollack and Meier, Institute

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The statutory and regulatory deadline for appealing an adverse decision of the Louisiana Tax Commission (the “Commission”) is clearly thirty (30) days, but identifying the event that triggers commencement of the deadline has not always been easy. The applicable statute provides that the appeal deadline runs from the date the decision is “entered,” while the