Archive for March, 2012

RIB 12-018: Severance Tax Remittances on Horizontal and Deep Wells

The Louisiana Department of Revenue has issued Revenue Information Bulletin (RIB) 12-018, addressing severance tax remittances on horizontal and deep wells.

Louisiana Revised Statutes 47:633(7)(c)(iii) and (9)(d)(v) allow for the suspension of severance tax on horizontal or deep wells for two years or until payout, whichever occurs first. In order to reflect oil and gas severance tax collections more accurately, the Louisiana Department of Revenue will no longer require severance tax payments on production from horizontal or deep wells for which final approval is pending from the Office of Conservation on the Application for Well Status Determination beginning with the June production month, due August 25.

Click here to read the full text of RIB 12-018.

Comments

RIB 12-017: Individual Income, Corporation Income and Corporation Franchise Tax

The Louisiana Department of Revenue has issued Revenue Information Bulletin (RIB) 12-017, addressing the Digital Interactive Media and Software Tax Credit.

Act 454 of the 2009 Legislative Session made significant changes to the digital interactive media tax credit program. After July 1, 2009, the digital interactive media credits can be used to offset Louisiana income and franchise taxes; prior to this date, the credits could only offset Louisiana income tax. Additionally, after July 1, 2009, productions are eligible for credits of 25% of base investment and an additional 10% credit for base investment amounts spent on payroll. The Act makes several changes to definitions for the credit which are technical in nature. The effective date of the Act is July 1, 2009.

Additionally, Act 415 of the 2011 Legislative Session made changes to the digital interactive media and software tax credit program. For expenditures incurred on or after January 1, 2012, the Act makes the credits refundable. In an alternative to the refundable credit, the Act allows the digital media or software company to make a one-time election to receive a rebate equal to 85% of the face value of the credit whenever the credits are certified. Act 415 also prohibits the stacking of other Louisiana Economic Development (LED) credits for expenditures claimed under the digital interactive media and software tax credit program.

Click here to read the full text of RIB 12-017.

Comments

LDR Video: Where’s My Refund?

Comments

RIB 12-016: Act 327 permits direct shipments of alcoholic beverages to Louisiana consumers

The Louisiana Department of Revenue has released Revenue Information Bulletin (RIB) 12-016, which address Act 327 of the Regular Session of the Louisiana Legislature concerning shipments of alcoholic beverages directly to Louisiana consumers:

Act 327 of the 2011 Regular Session of the Louisiana Legislature amended the provisions of La. R.S. 26:359 related to wine being shipped direct to Louisiana consumers. More specifically, Act 327 increased the volume of wine that may be shipped directly to a consumer in Louisiana from forty-eight bottles per address to one hundred forty-four bottles by adult person per household; allows retailers and manufacturers located inside or outside Louisiana to ship direct to Louisiana consumers; and changed the filing requirements from monthly to quarterly. The bottle size allowed to be shipped is seven hundred fifty milliliter bottles. Act 327 is applicable to wine producers, wholesalers and retailers. Act 327 does not alter La. R.S. 26:359(B)(1)(i), which provides a wine producer or manufacturer can only direct ship if they are not directly or indirectly subject to an agreement with a Louisiana wholesaler for any product they produce or supply.

Beginning January 1, 2012, wine producers, manufacturers and out of state retailers who sell or ship directly to a consumer in Louisiana shall be required to:

1. File a statement quarterly indicating the amount of wine shipped into Louisiana.

2. File the statement by the 20th of January, April, July and October.

3. Include the total number of bottles, size of bottles, brand name and quantities of that brand and the price in the statement.

4. Pay with a company check or by electronic funds transfer.

5. Include copies of invoices with the statement.

This statement shall be filed using form R-5696 which is provided by the Department once the wine producer, manufacturer or out-of-state retailer makes an application (R-8695) with the Department for authority to ship product direct to consumers. The application (R-8695) to apply for authority to ship direct to consumers is available on the Department’s website.

The Department of Revenue will apply the provisions referenced above to reporting periods beginning on or after January 1, 2012. Therefore, the first reporting period for 2012 will be a quarterly report covering the activities occurring in January, February, and March 2012 and said report will be due April 20th. Subsequent periods will be for the subsequent calendar quarters and the reports will be due the 20th day of the month following the end of the quarter being reported. The information to be reported on the quarterly returns is the same information currently required for the monthly reports.

Any activity occurring during December 2011 is still to be reported on a monthly basis, and that report is due by January 20, 2012.

Comments

RIB 12-015: Repeal of Revenue Information Bulletin No. 12-011

The Louisiana Department of Revenue has released Revenue Information Bulletin (RIB) 12-015, which repeals RIB 12-011:

The Department is repealing Revenue Information Bulletin No. 12-011, which addresses Direct Shipments of Alcoholic Beverages to Louisiana Consumers, and is replacing it with Revenue Information Bulletin 12-016 which contains a more detailed description of the law and the provisions of Act 327 of the 2011 Regular Session of the Louisiana Legislature. Revenue Information Bulletin 12-016 is available on the Department’s Website.

Comments

Electronic filing surges past 1 million state income tax returns

 134699279

BATON ROUGE – The Louisiana Department of Revenue (LDR) has received more than 1 million state individual income tax returns filed electronically, the earliest date during any filing season LDR has recorded this benchmark.  As of Thursday, March 15, taxpayers had filed 1,006,770 returns via electronic methods including Louisiana File Online, the state’s free web-based tax filing application and commercially available tax preparation software. This is more than a week earlier than the agency reached this milestone in 2011.

“This suggests growing enthusiasm for electronic filing, which is good news for taxpayers and for the State of Louisiana,” said Secretary of Revenue Cynthia Bridges.  “Electronic filing saves time and money for Louisiana taxpayers and for state government.”

Taxpayers who file electronically receive their refunds in an average of 10 business days.  For paper returns, the processing time is 12 to 16 weeks. 

Also, electronic filing saves state government millions of dollars per year, as the cost of processing paper returns is $1.50 per transaction.

The acceleration of electronic filing represents a steady five-year trend. In 2008, it was April 16 before LDR crossed the one-million threshold:

2011 Returns 1,006,770 3/14/2012
2010 Returns 1,000,951 3/22/2011
2009 Returns 1,001,655 3/30/2010
2008 Returns 1,019,665 4/13/2009
2007 Returns 1,024,679 4/16/2008

 Additional 2011 tax-year filing facts:

  • 95% of 2011 individual income tax returns processed to date were filed electronically
  • Number of refunds issued: 779,508
  • Amount refunded to taxpayers: $307,686,303.76
  • Average amount of refund: $394.72

Visit Louisiana File Online at www.revenue.louisiana.gov/fileonline.

Comments

Check state income tax refund status online

BATON ROUGE – The Louisiana Department of Revenue (LDR) encourages taxpayers to go online to check the status of their state individual income tax refunds.  The Where’s My Refund webpage is www.revenue.louisiana.gov/refund

“With Where’s My Refund, you have an instant answer about your refund,” said Secretary of Revenue Cynthia Bridges. “Just enter some basic information, such as your Social Security number and your filing status.”

Where’s My Refund is especially helpful to taxpayers during tax filing season due to extremely high call volume, Bridges said.

“It’s much faster than waiting for a customer service representative.”

If you filed your taxes electronically, information on your refund should be available in 7-10 business days.  If you filed a paper return, please allow 12 to 16 weeks before checking on the status of your refund.

Comments

Louisiana property owners urged to claim Citizens rebates

donelon_matherne_laplace

Right to left: La. Insurance Commissioner Jim Donelon, LDR Deputy Asst. Secretary Gary Matherne, LDR Customer Service Director Kent LaPlace

BATON ROUGE – Officials on Thursday urged Louisiana property owners to claim rebates from assessments from the Louisiana Citizens Property Insurance Corporation (Citizens).  Louisiana Commissioner of Insurance Jim Donelon joined Louisiana Department of Revenue (LDR) Deputy Assistant Secretary Gary Matherne and LDR Customer Service Director Kent LaPlace in suggesting that those eligible for rebates claim them while filing their taxes for 2011.

“If property owners have not yet claimed their Citizens rebate,” Donelon said, “tax time is certainly a good time to do it.”

The best way to file a claim “is to claim the rebate as a tax credit on your Louisiana Individual Income Tax Return,” Matherne said.  He cautioned property owners not to claim the rebate on both the tax return and a Department of Revenue form that can be used for the same purpose, as it could delay the refund.

Matherne also recommended that those who pay the Citizens assessment on more than one property submit a single rebate form for all properties each year, rather than a separate rebate for each property.

It is still possible for property owners to claim rebates for assessments paid in 2008, 2009, 2010, and 2011.  Over the past two years, $154 million in rebates, or 54% of the total available, went unclaimed, Donelon said.

For more information, visit www.revenue.louisiana.gov/citizens.

Comments

LDR Video: Louisiana Earned Income Credit

Comments