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LA SB169
LA SB169Provides relative to the tax credits for local inventory taxes paid. (gov sig) (OR DECREASE GF RV See Note)
summary
Introduced
04/04/2025
04/04/2025
In Committee
04/14/2025
04/14/2025
Crossed Over
Passed
Dead
06/12/2025
06/12/2025
Introduced Session
2025 Regular Session
Bill Summary
AN ACT To enact 47:6006(A)(4), relative to the tax credit for local inventory taxes paid; to provide for the ability of farmers, fruitgrowers, or like associations to claim the credit; to provide for the refundability and carry forward of the credit for farmers, fruitgrowers, or like associations; to provide for applicability; to provide for an effective date; and to provide for related matters.
AI Summary
This bill amends Louisiana tax law to provide a new tax credit provision for farmers, fruitgrowers, and cooperative agricultural associations. Specifically, the bill allows these agricultural organizations to claim a tax credit for local inventory taxes paid, with an important additional provision that any tax credits which exceed their tax liability for a given year can be either refunded or carried forward to future tax years. The new tax credit provision will apply to taxable periods beginning on or after January 1, 2025, which means agricultural organizations can first utilize this expanded credit starting with their 2025 tax filings. The bill aims to provide financial support and flexibility to agricultural producers by giving them more options for managing their local inventory tax credits, potentially improving their economic sustainability by allowing them to fully leverage these tax credits even if they do not have sufficient tax liability in a given year to use the entire credit.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduced in the Senate; read by title. Rules suspended. Read second time and referred to the Committee on Revenue and Fiscal Affairs. (on 04/14/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=SB169&sbi=y |
| Fiscal Note - SB169 Original | https://www.legis.la.gov/Legis/ViewDocument.aspx?d=1414680 |
| Analysis - Digest of SB169 Original | https://www.legis.la.gov/Legis/ViewDocument.aspx?d=1404451 |
| BillText | https://www.legis.la.gov/Legis/ViewDocument.aspx?d=1404450 |
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