Louisiana Moves to Extend Carryforward for Inventory Taxes

Louisiana would extend the period for businesses to carry income and franchise tax credits forward for local ad valorem taxes on inventory, under legislation heading to the governor’s desk.

The bill (S.B. 1) would increase the carryforward period from five years to 10 years. It would would take effect Jan. 1, 2021, if signed by Gov. John Bel Edwards (D).

• The Senate on Thursday concurred with a technical amendment added by the House in a 95-0 vote. The Senate initially passed the bill 35-0 on Oct. 6.
• Current state law provides a tax credit against income ...