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Post details: Louisiana --Corporate, Personal Income Taxes: State Conforms to ESA Depreciation
05/09/08
Louisiana --Corporate, Personal Income Taxes: State Conforms to ESA Depreciation
CCH (cch.taxgroup.com) reports:
A bulletin released by the Louisiana Department of Revenue states that because Louisiana piggy backs federal depreciation for both corporate and individual income taxes, the depreciation and expense benefits available under the Economic Stimulus Act of 2008 (ESA) will automatically apply on the state income tax return. The ESA provides business incentives that include a special depreciation allowance of fifty percent for 2008 purchases and increases the expense limitation for small businesses for tax years beginning in 2008.
Revenue Information Bulletin No. 08-008 , Louisiana Department of Revenue, May 6, 2008, ¶202-134
Other References:
Explanations at ¶10-055
Explanations at ¶15-045
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