Proposed Amended Louisiana Administrative Code (LAC) section 61:I.1001, La. Dept. of Rev. (12/20/23). The Louisiana Department of Revenue issued proposed rule changes reflecting recently enacted legislation [see H.B. 428 (2023) and previously issued Multistate Tax Alert for more details on this legislation] that revises aspects of Louisiana law permitting certain pass-through entities to elect to be taxed under the corporate rules at the entity level (“PTET Election”) – specifically, provisions i) adding a prospective termination procedure for the PTET Election, and ii) granting an income exclusion for trusts, estates, or partnerships that are a shareholders, members, or partners in an entity that made a PTET Election, which are effective for taxable periods beginning on or after January 1, 2023. A public hearing to discuss this rule proposal is scheduled for January 24, 2024, and any written comments are due by January 23, 2024. Please contact us with any questions.
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