Section I-1307 - Federal Income Tax Deduction (Louisiana Code of Regulations)

§ I-1307. Federal Income Tax Deduction

A. Individual income taxpayers who deduct the federal income tax liability defined in R.S. 47:293(3) and are due a credit for foreign taxes, shall be allowed two options for computing the federal income tax liability deduction. The taxpayer may either:

1. use a federal tax liability that has been reduced by the federal credit for foreign taxes allowed by Internal Revenue Code Section 27, and take the Louisiana credit for federal credits provided by R.S. 47:297.B; or

2. use a federal tax liability that has not been reduced by the federal credit for foreign taxes allowed by Internal Revenue Code Section 27, and forego any claim to the Louisiana credit for federal credits provided by R.S. 47:297.B.

(Promulgated by the Department of Revenue, Policy Services Division, LR 28:1030 (May 2002).)

AUTHORITY NOTE: Adopted in accordance with R.S. 47:293(3), R.S. 47:297.B, R.S. 47:295, and R.S. 47:1511.

Disclaimer: Lawrina has made every attempt to ensure the information on this page is accurate, but we cannot guarantee that Section I-1307 Federal Income Tax Deduction is a replica of the current official text. Please use the external links to official resources for the latest version.

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