As previously reported, the Louisiana legislature passed a variety of bills modifying the state’s tax laws, many of which will be effective July 1, 2015. Given tax return filing cycles, these bills may affect tax returns not yet filed for prior years. Interestingly, these bills also specifically state that the laws, if signed by the Governor, are applicable on the effective date of the legislation regardless of the year to which a tax return filed on or after the effective date relates. Taxpayers should, while waiting to be sure the Governor has signed these, carefully review changes and consult their tax advisors to determine if filing returns or extensions before July 1, 2015 is beneficial.
Click here to view the Effect on Returns