Archive for August, 2012

Hunters and campers pay no sales tax on guns, ammo and supplies Sept. 7, 8 & 9

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BATON ROUGE – Hunters and campers will pay no sales tax on firearms, ammunition and hunting supplies during the Louisiana Second Amendment Weekend Sales Tax Holiday Sept 7, 8 & 9.  During these three days, eligible purchases are exempt from the 4 percent state sales tax and all local sales taxes.

The exemption applies to a wide range of supplies, including:

  • Shotguns, rifles, pistols, revolvers or other handguns
  • Ammunition intended to be fired from a gun or firearm
  • Accessories designed to be used for hunting
  • Apparel such as safety gear, camouflage clothing, jackets, hats, gloves, mittens, face masks and thermal underwear for use while hunting
  • Off-road vehicles such as all-terrain vehicles designed for hunting. The exemption does not apply to golf carts, bikes, motorcycles, tractors, or motor vehicles that may be legally driven on highways.

Visit www.revenue.louisiana.gov/secondamendment for more information, including the full list of eligible items, excluded items and special provisions.

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Storm Prep: Protect tax records and financial documents during emergencies

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BATON ROUGE – The Louisiana Department of Revenue advises taxpayers to protect their tax records and financial documents from storms, floods and other weather-related emergencies.

“There is no substitute for early preparation when it comes to making sure your family, property and important records are safe,” said Secretary of Revenue Jane Smith.

Keep Documents Secure

Paper records are at particular risk from water damage.  Protect these documents by placing them in airtight containers such as zip closure bags and moving them out of harm’s way.

Use Paperless Media

Bank statements and other financial documents are available as electronic records from your financial institution.  Preserve these records by burning them to CDs or saving them to portable memory drives.  Store them in airtight containers.

Scan important paper records such as W-2s, payroll records and tax returns into an electronic format.  Many commercially available home printers include scanning features.

Web-based email services such as Google’s Gmail and Microsoft’s Hotmail offer account holders access to free online document storage.  You can upload electronic records directly from your home computer and retrieve them later from any machine with Internet access.  This can be helpful if you are forced to evacuate your home.

Document Valuables and Business Equipment

Compile a room-by-room list of your belongings or business equipment.  Photograph or videotape the contents of your home or business, especially items of high value.  Having a visual record of your valuables can provide proof for an insurance claim.  It can also help to verify a loss claim on state and federal tax returns.

In case of a disaster, the Department of Revenue can provide information on potential tax deductions or credits, filing extensions, and other tax-related matters.  Bookmark www.revenue.louisiana.gov as the source for state tax-related information.

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Rule: Payment of Sales and Use Taxes by Persons Constructing, Altering, or Repairing Immovable Property

The Louisiana Department of Revenue has adopted a rule regarding LAC 61:I.4372, Payment of Sales and Use Taxes by Persons Constructing, Altering, or Repairing Immovable Property.

To read the text of this rule, visit revenue.louisiana.gov.

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Rule: Certain Self-Propelled Vehicles Removed from Inventory

The Louisiana Department of Revenue has adopted a rule regarding LAC 61:I.4415, Certain Self-Propelled Vehicles Removed from Inventory:

Under the authority of R.S. 47:1511, and in accordance with the provisions of the Administrative Procedure Act, R.S. 49:950 et seq., the Department of Revenue, Policy Services Division, repeals LAC 61:I.4415, which provides criteria for determining whether sales or use tax is due upon items of equipment described in R.S. 47:305.22. That statute was repealed by Act 2005, No. 413, so the Rule no longer serves any purpose.

To read the full text of this rule, visit revenue.louisiana.gov.

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Notice of Intent: Income Tax Credits for Wind or Solar Energy Systems

The Louisiana Department of Revenue has posted the Notice of Intent for a proposed rule regarding LAC 61:I.1907, Income Tax Credits for Wind or Solar Energy Systems.

The proposed rule accomplishes the following:

  • Clarifying the meaning of the term “energy system.”
  • Clarifying the definitions of residential sites where energy systems are installed
  • Clarifying the items eligible for reimbursement
  • Ensuring a credit cannot be claimed by both homeowner and installer on the same installation
  • Clarifying the costs that can be used to calculate the credit
  • Requiring itemized lists of equipment costs and installation costs

To read the full text of the Notice of Intent, visit revenue.louisiana.gov.

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Millions in income tax refunds headed for Unclaimed Property unless taxpayers take action

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BATON ROUGE – Millions of dollars in state income tax refunds will become unclaimed property if taxpayers don’t claim them by August 24, 2012.

The Louisiana Department of Revenue issued letters to 7,462 taxpayers advising them to claim their refunds by August 24, or the funds will revert to the Unclaimed Property Division of the state treasurer’s office.  The total amount of unclaimed refunds is $4,439,963.38.

The advisory involves un-cashed state income tax refund checks dated June 30, 2011, or before, in the amount $50 or more.  These checks are no longer valid.  Taxpayers who want to claim these refunds before they revert to Unclaimed Property must submit a voucher to request a replacement.  The voucher accompanies the letters alerting taxpayers to the August 24 deadline.

If they miss the LDR deadline, taxpayers can claim their refunds from the state treasurer’s Unclaimed Property Division.

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LDR submits rule for Wind & Solar tax credits to Legislative Fiscal Office

BATON ROUGE – The Louisiana Department of Revenue (LDR) submitted to the Legislative Fiscal Office on Tuesday, August 7, a proposed rule to provide greater clarification and guidance on the costs that qualify for the state’s Wind & Solar Energy Systems tax credit.  Upon receiving a fiscal impact statement on the proposed rule from the LFO, the department will submit a notice of intent to the Louisiana Register for publication on August 20, 2012.

LDR is working with stakeholders to develop a rule to address the following issues:

  • Clarifying the meaning of the term “energy system.”
  • Clarifying the definitions of residential sites where energy systems are installed
  • Clarifying the items eligible for reimbursement
  • Ensuring a credit cannot be claimed by both homeowner and installer on the same installation
  • Clarifying the costs that can be used to calculate the credit
  • Requiring itemized lists of equipment costs and installation costs

 “From the day I became acting Secretary, one of my top priorities was to ensure that we are using all of our resources responsibly, and this review is a part of that process,” said acting Secretary of Revenue Jane Smith.

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LDR Net Collections – July 2012

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