La. Admin. Code tit. 40 § IX-713

Current through Register Vol. 50, No. 11, November 20, 2024

Section IX-713 - Limitations

A. The tax credit shall be allowed against income tax or corporate franchise tax for the taxable period in which the credit is earned. If the tax credit exceeds the amount of such taxes due, then any unused credit may be carried forward as a credit against subsequent tax liability for a period not to exceed 10 years.

1. The credit for taxes paid by or on behalf of a corporation shall be applied against Louisiana corporate income and corporation franchise taxes of such corporation.

2. The credit for taxes paid by an individual shall be applied against Louisiana personal income taxes.

3. The credit for taxes paid by or on behalf of a corporation classified under Subchapter S of the Internal Revenue Code of 1954, as amended, as an S corporation shall be applied first against any Louisiana corporate income and corporation franchise taxes due by such S corporation, and the remainder of any such credit shall be allocated to the shareholder or shareholders of such S corporation in accordance with their respective interests and applied against the Louisiana income tax of such shareholder or shareholders of the S corporation.

4. The credit for taxes paid by or on behalf of a partnership shall be allocated to the partners according to their distributive shares of partnership gross income and applied against any Louisiana income tax and corporation franchise tax liability of such partners.

5. The character of the credit for taxes paid by or on behalf of a partnership or S corporation and allocated to the partners or shareholders, respectively, of such partnership or S corporation, shall be determined as if such credit were incurred by such partners or shareholders, as the case may be in the same manner as incurred by the partnership or S corporation, as the case may be.

6. The credit for taxes paid by an estate or trust shall be applied against the Louisiana income tax imposed on estates and trusts.

B. The apprenticeship tax credit shall have an effective period beginning January 1, 2008, and shall not extend beyond December 31, 2011. All requests for the tax credit for hours worked by eligible apprentices and NCCER apprentices outside of this period shall be invalid and denied.

C. Nothing in this Chapter or in any apprentice agreement approved under this Chapter shall operate to invalidate any apprenticeship provision in any collective agreement between employers and employees.

La. Admin. Code tit. 40, § IX-713

Promulgated by the Louisiana Department of Labor, Office of Workforce Development, Apprenticeship Division, LR 33:2666 (December 2007

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6026.