LDR issues three new RIBs

The Louisiana Department of Revenue has issued three new Revenue Information Bulletins concerning Louisiana tax credits and administrative matters.

Revenue Information Bulletin No. 10-019 concerns the meaning of the term “federal itemized deductions” for purposes of the credit against individual income taxes authorized by R.S. 47:293.

Revenue Information Bulletin No. 10-022 discusses an emergency rule adopted by the Louisiana Department of Economic Development (LED), effective October 1, 2010, authorizing that agency to collect a processing fee of up to $200 for the transfer of motion picture tax credits. The rule further provides that the transferee must pay the transfer fee before the credit can be claimed on a tax return.

Revenue Information Bulletin No. 10-024 discusses that, effective at the close of business on December 31, 2010, the Louisiana Department of Revenue will temporarily suspend its Private Letter Rulings (PLR) service.

This temporary suspension of the PLR service will not affect any PLR requests received before December 31, which the department will handle to completion. However, the department will temporarily be unable to handle any PLR requests that are received after that date. Taxpayers, who wish to obtain a PLR response, but who have not yet submitted a PLR request, must do so by December 31.

A Revenue Information Bulletin (RIB) is issued under the authority of LAC 61:III.101.D. A RIB is an informal statement of information issued for the public and employees that is general in nature. A RIB does not have the force and effect of law and is not binding on the public or the Department.