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GENERAL INFORMATION
Update as of July 13, 2021 The following instructions has been updated for: SCHEDULE L CALCULATION OF FRANCHISE TAX Act 389 of the 2021 Regular Legislative Session extended the suspension of the lower tier of the corporation franchise tax if the taxable capital is equal to or less than $1,000,000. The taxable capital is the amount on CIFT 620, Schedule L, Line 1. COVID-19 RELIEF BENEFITS Act 54 of the 2021 Regular Session of the Louisiana Legislature provides a corporate income tax exemption for all state and federal COVID-19 relief benefits. Act 54 defines such relief benefits, in pertinent part, as any gratuitous grant, loan, rebate, tax credit, advance refund, or other qualified disaster relief benefit directly or indirectly by the state or federal government as a COVID-19 relief This is retroactive and therefore will apply to the 2020 return.
Jul 13, 2021 · GENERAL INFORMATION. CIFT-620 (1/21) Department of Revenue • Page 22 • Form R-6981, Statement of Owner’s Share of Entity Level Tax Items, reflecting any income that remains taxable to the entity’s owners in Louisiana after …
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