Louisiana § RS 47:6008 - Tax credits for donations made to assist playgrounds in economically depressed areas

§ RS 47:6008. Tax credits for donations made to assist playgrounds in economically depressed areas

            A. There shall be allowed a credit against any Louisiana income tax for qualified donations made to qualified playgrounds. The credit shall be an amount equal to the lesser of seven hundred twenty dollars or thirty-six one hundredths of the value of the cash, equipment, goods, or services donated. Any credit shall be taken as a credit against the applicable income tax in the taxable period in which the donation is made. The total amount of the credits taken by any taxpayer during any taxable year shall not exceed one thousand dollars.

            B.(1) The term "qualified donation" shall mean a donation made to a qualified playground to assist in the construction, operation, use, or maintenance of the playground. The term "qualified donation" shall also mean a donation made to assist in the development, implementation, or sponsoring of recreational, educational, or health-related programs or events for the benefit of the children served by the qualified playground regardless of whether the donation is made directly to the qualified playground, to the qualified playground's volunteer organization or booster club, or to a nonprofit corporation whose chartered purpose is to provide assistance to the qualified playground. Any such donation may be in the form of cash or the donation of equipment, goods, or services.

            (2) The term "qualified playground" shall mean a playground, recreational facility, or park owned or operated by the state or a political subdivision or by a community or volunteer organization or nonprofit corporation and which is eligible to receive any funds under the community development block grant (CDBG) program of the United States Department of Housing and Urban Development.

            C. The secretary of the Department of Revenue shall promulgate such rules and regulations as may be deemed necessary to carry out the purposes of this Section.

            D. Repealed by Acts 2024, 3rd Ex. Sess., No. 5, §3, eff. Jan. 1, 2025.

            Acts 1992, No. 898, §1, eff. for taxable periods beginning after Dec. 31, 1992; Acts 1997, No. 658, §2; Acts 2002, No. 11, §1, eff. for all taxable periods beginning after Dec. 31, 2002; Acts 2015, No. 125, §2, eff. July 1, 2015; Acts 2015, No. 357, §1, eff. June 29, 2015; Acts 2016, 1^st Ex. Sess., No. 29, §2; Acts 2017, No. 400, §§1, 4, eff. June 26, 2017; Acts 2024, 3rd Ex. Sess., No. 5, §3, eff. Jan. 1, 2025; Acts 2024, 3rd Ex. Sess., No. 6, §1, eff. Jan. 1, 2026.

NOTE: See Acts 2005, No. 405, relative to intent.

            NOTE: See Acts 2024, 3^rd Ex. Sess., No. 5, §4, regarding applicability to franchise tax periods beginning on or after Jan. 1, 2026.