2013 Louisiana Laws
Revised Statutes
TITLE 47 - Revenue and Taxation
RS 47:6029 - Tax credit for conversion or acquisition of trailers which haul sugarcane

§6029. Tax credit for conversion or acquisition of trailers which haul sugarcane

A.(1) There shall be allowed a refundable credit against Louisiana income tax or corporate franchise tax due in a tax year for the cost paid by a taxpayer during the tax year to acquire an eligible sugarcane trailer which replaces an ineligible sugarcane trailer or to convert an ineligible sugarcane trailer to an eligible sugarcane trailer; provided that the cost per trailer does not exceed the amounts provided for in Subsection B of this Section.

(2) For purposes of this Section, the following terms shall have the following definitions:

(a) "Eligible sugarcane trailer" means a trailer which hauls sugarcane and meets the requirements of R.S. 32:387.7(B), and which will authorize the owner or operator thereof to obtain an annual special permit for sugarcane vehicles under R.S. 32:387.7 after August 1, 2012.

(b) "Ineligible sugarcane trailer" means a trailer which has been used to haul sugarcane and which is eligible for an annual special permit under R.S. 32:387.7 as of July 1, 2007, but which does not meet the requirements of R.S. 32:387.7(B).

B.(1) The tax credit for the following tax years shall be limited to the following amounts of acquisition or conversion costs per trailer:

(a) Eight thousand five hundred dollars per trailer paid during 2009.

(b) Eight thousand dollars per trailer paid during 2010.

(c) Seven thousand five hundred dollars per trailer paid during 2011.

(d) Seven thousand dollars per trailer paid during 2012.

(e) Six thousand five hundred dollars per trailer paid during 2013.

(f) There shall be no tax credit allowed for costs paid on and after January 1, 2014.

(2) If the payment of costs for conversion of a trailer extends over one year, the tax credit for the trailer shall be limited to the amount per trailer provided for in Paragraph (1) of this Subsection for the year in which the conversion of the trailer begins.

C. 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 or Chapter 5 of Subtitle II of this Title, together with interest as provided in R.S. 47:1624. The right to a credit or refund of any such overpayment shall not be subject to the requirements of R.S. 47:1621(B). All credits and refunds, together with interest thereof, shall be paid or disallowed within one year of receipt by the secretary of any such claim for refund or credit. Failure of the secretary to pay or disallow, in whole or in part, any claim for a credit or a refund shall entitle the aggrieved taxpayer to proceed with the remedies provided in R.S. 47:1625.

D. The secretary of the Department of Revenue, in consultation with the Department of Transportation and Development, shall promulgate rules and regulations pursuant to the Administrative Procedure Act for the purpose of implementing the provisions of this Section. Such rules and regulations may include provisions requiring taxpayers to submit such documentation with their returns or to specifically retain such records that will enable the department to determine the taxpayer's eligibility for and amount of the tax credit claimed under this Section.

Acts 2007, No. 365, §1, eff. July 10, 2007; Acts 2007, No. 368, §2, eff. July 10, 2007.