Louisiana § RS 47:297.14 - Pass-through entity exclusion

§ RS 47:297.14. Pass-through entity exclusion

            A.(1) In computing Louisiana tax table income, an individual shall exclude net income or losses received from an entity of which the individual is a shareholder, partner, or member provided that the entity properly filed a Louisiana corporation income tax return pursuant to R.S. 47:287.732.2 that included the net income or loss.

            (2) No exclusion shall be allowed for any amount that is attributable to income that, for any reason whatsoever, will not bear the tax due pursuant to R.S. 47:287.732.2.

            B. A taxpayer whose federal individual income tax return is adjusted due to S corporation or partnership income or losses for which the taxpayer used this exclusion shall furnish a statement to the secretary, disclosing the nature and amounts of such adjustments within sixty days after the federal adjustments have been made and accepted by the taxpayer, provided that if the taxpayer does not receive a statement of the federal adjustments until after he accepts the adjustments, he shall have sixty days from the receipt of such statement within which to furnish the required statement to the collector. Paying the federal tax shown due or signing a consent to immediate assessment shall constitute an acceptance of the federal adjustments.

            Acts 2019, No. 442, §1, eff. June 22, 2019; Acts 2024, 3rd Ex. Sess., No. 11, §2, eff. Dec. 4, 2024.

            NOTE: See Acts 2019, No. 442, re: applicability.