Archive for August 2, 2013

Revenue Information Bulletin 13-018 – Changes to Form R-1048

The Louisiana Department of Revenue has issued Revenue Information Bulletin (RIB) 13-018Changes to Form R-1048 Related to Sales Tax Exemption for Certain Fund-Raising Activities by Non-Profit Organizations.

Act 157 of the 2013 Regular Session of the Legislature amended La. R.S. 47:305.14 to provide for an annual exemption certificate for fund-raising events by eligible organizations. Previously, an organization had to apply for and obtain an exemption certificate for each fund-raising event. Louisiana Revised Statute 47:305.14(A)(1)(a) provides that sales and use taxes imposed by taxing authorities shall not apply to sales of tangible personal property at, or admission charges for, outside gates admissions to, or parking fees associated with events sponsored by domestic, civic, educational, historical, charitable, fraternal, or religious organizations, which are nonprofit, when the entire proceeds, except for necessary expenses are used for educational, charitable, religious, or historical restoration purposes including the furtherance of the civic, educational, historical, charitable, fraternal, or religious purpose of the organization.

Visit the LDR website to read the full text of RIB 13-018.

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Revenue Information Bulletin 13-017 – Act 421: Louisiana Tax Delinquency Amnesty Act of 2013

The Louisiana Department of Revenue has issued Revenue Information Bulletin (RIB) 13-017 – Act 421 Louisiana Tax Delinquency Amnesty Act of 2013:

Act 421 of the 2013 Regular Session of the Louisiana Legislature authorizes the Louisiana Department of Revenue to institute an amnesty program to collect outstanding tax liabilities except for motor fuel taxes and penalties for failure to submit information reports that are not based on an underpayment of tax. The department has established a tax amnesty program beginning September 23, 2013, and ending November 22, 2013. Amnesty will be granted only for eligible taxes to eligible taxpayers who apply during the amnesty period on forms prescribed by the secretary and who pay all of the tax and costs, if applicable, and half of the outstanding interest balance due for periods designated on the application. The application for taxpayers involved in field audits or litigation shall include all issues and all eligible periods involved in the audit or litigation. All business taxpayers are required to file returns with the application. The secretary reserves the right to require individual taxpayers to file tax returns with the application. If the application is approved, the secretary shall waive the remaining half of the interest and all of the penalties associated with the tax periods for which amnesty is applied.

Visit the LDR website to read the full text of RIB 13-017.

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Revenue Information Bulletin 13-016 – Act 265: The Louisiana New Markets Jobs Act

The Louisiana Department of Revenue has posted Revenue Information Bulletin (RIB) 13-016 regarding the Louisiana New Markets Jobs Act.

Act 265 of the 2013 Regular Session created the Louisiana New Markets Jobs Act (“the Act”). Any investor that makes a qualified equity investment into a qualified community development entity which in turn makes a qualified low income investment in a qualified low income business in Louisiana will earn a tax credit against premium tax. The credit amount is equal to the applicable percentage for such credit allowance date multiplied by the purchase price paid to the issuer of such qualified equity investment.

Qualified community development entities must apply to the department for certification of the equity investments it issues. The application is available on the department’s website at www.revenue.louisiana.gov/taxforms. Applicants can begin submitting applications to the department beginning August 1, 2013. The application must be submitted at NewMarketTax.CreditApplication@la.gov. Additionally, the applicant must mail the $500,000 refundable deposit to the department at P.O. Box 44098, Baton Rouge, LA 70804.

Visit the LDR website to read the full text of RIB 13-016.

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