Income/Franchise:
Louisiana: New Law Extends Carryforwards of Some Net Operating Losses for an Indefinite Period
S.B. 36, signed by gov. 6/24/21. New law extends indefinitely the period in which taxpayers may carry forward certain net operating losses for Louisiana corporate income tax deduction purposes under La. Rev. Stat. § 47:287.86(B). Specifically, for any Louisiana corporate income tax returns filed on or after January 1, 2022, “net operating losses relating to loss years on or after January 1, 2001…may be carried [forward] to each taxable year following the loss year until the loss is fully recovered.”
See forthcoming Multistate Tax Alert for more details on this legislation, as well as related taxpayer considerations, and please contact us with any questions in the meantime.
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