HB650

Authorizes a rebate for local inventory taxes paid by taxpayers ineligible for the tax credit.

Louisiana HB650 establishes a rebate for local inventory taxes for taxpayers who are ineligible for the tax credit provided in present law but have paid ad valorem property taxes on inventory. The rebate amount is calculated in the same manner and at the same percentages as the tax credit. The Department of Revenue administers the rebate, including processing applications and issuing rebates. Taxpayers must apply for the rebate by June 30th of the year following their payment of ad valorem taxes.