As is now widely known, the Louisiana Legislature has adopted HCR No. 8, which purports to suspend the sales tax exemptions business utilities effective July 1, 2015. On July 1, 2015, the Louisiana Chemical Association (“LCA”) filed a declaratory judgment proceeding attacking the validity of HCR No. 8. The Legislature and the Louisiana Department of
Effective January 1, 2015, the Louisiana Business Corporation Law was replaced in its entirety by the new Louisiana Business Corporation Act (LBCA). Here are some of the highlights of the changes effected by the LBCA:
Each year, as the calendar changes, the tax collecting divisions of political subdivisions (Parish, City, etc.) gear up for the increased workload that comes along with preparing for tax sales. In the State of Louisiana, owners of immovable property (real estate) are required to pay property taxes to the parish and/or the city. In certain
Effective July 1, 2015, the net operating loss carryback (NOL) will be eliminated and the carryover will be limited to 72% of the carryover. La. Acts 2015, No. ___( HB No. 624 (Rep. Jackson) amending La. R.S. 47:287.86) and La. Acts 2015, No. ____(HB No. 218 (Rep. Broadwater) amending La. R.S. 47:287.86).
Under the bills,
The inventory tax credit is the method used by Louisiana to reimburse taxpayers for the cost of the annual local property taxes paid on the value of inventories. Rather than providing an exemption from local property taxes on inventory, taxpayers pay the local property tax on the value of inventories and are reimbursed by means
Many employers in the past have offered employees cash to reimburse the purchase of an individual policy from a private insurance carrier or on the Marketplace (aka the Exchange) or for other substantiated medical expenses in place of employer sponsored group health coverage. However, the federal government has recently taken the position that such an
On Thursday, March 26, 2015, Petróleos Mexicanos (Mexico’s national oil company better known as Pemex), BlackRock Inc., and First Reserve Corp announced a major investment project that will bring U.S. natural gas to central Mexico. This $900 million USD transaction represents the first large scale infrastructure investment in Mexico since its energy sector was
On Monday, March 9, 2015, the U.S. Supreme Court ruled that federal agencies do not have to follow notice-and-comment rulemaking procedures when changing interpretations of rules. This decision gives federal agencies, including the Equal Employment Opportunity Commission and the National Labor Relations Board, wide latitude to change interpretive rules without first notifying the public of
Non-profit organizations have the opportunity to finance the acquisition or renovation of property where they do their good works using qualified 501(c)(3) bonds, which often provide better financing terms and rates than those available from traditional lenders. The proceeds of qualified 501(c)(3) bonds may also be used by the non-profit organization for working capital or
Federal tax law generally provides that tax-exempt bonds can only be issued to finance property for governmental or public use. If the property to be financed with bonds would be privately used, i.e., in a trade or business, the interest generated from the bonds will be included as income for federal income tax purposes. However,