A series of proposed changes to Louisiana’s tax code—including tax increases and rollbacks of various exemptions and credits—will become effective July 1 if passed into law, regardless of the tax year to which a return relates.
Though the revenue measures have not passed, CPAs, accountants, tax attorneys and officials at the Louisiana Department of Revenue already are bracing for what could be “a logistical and administrative nightmare,” according to Bill Potter, tax director at Baton Rouge-based Postlethwaite & Netterville.
“If passed, it’s going to be a tremendous headache for taxpayers and tax preparers,” Potter says. “And it will be worse on businesses because they are major users of the tax credits, which would be affected by these changes.”
Daily Report has the full story.
