2011 Louisiana Laws
Revised Statutes
TITLE 47 — Revenue and taxation
RS 47:6028 — Tax credit for certain overpayments

§6028. Tax credit for certain overpayments

A.(1) There shall be a credit against any Louisiana income or corporation franchise tax for the amount of any overpayment made by a taxpayer with gross receipts from business of five hundred thousand dollars or less as a result of failing to claim any inventory tax credit provided for in R.S. 47:6006 for each tax year from 1999 through 2002 for income taxes, and for each tax year from 2000 through 2003 for corporation franchise taxes. The credit not previously claimed for these tax years may be claimed on amended returns until December 31, 2007.

(2) The credit shall be limited to ten thousand dollars per taxpayer and there shall be no more than five hundred thousand dollars of total credits granted.

(3) The secretary of the Department of Revenue may audit for the purpose of determining the accuracy of and for offsetting the claim for the credit.

B. Notwithstanding any other provision of law to the contrary, any excess of allowable credit established by this Section over the tax liabilities against which such credit can be applied, as provided in this Section, shall constitute an overpayment, as defined in R.S. 47:1621(A), and the secretary shall make a refund of such overpayment from the current collections of the taxes imposed by Chapter 1 of Subtitle II of this Title. The right to a credit or refund of any such overpayment shall not be subject to the requirements of R.S. 47:1621(B).

Acts 2007, No. 357, §1.