§287.73. Modifications to deductions from gross income allowed by federal law

A. The deductions from federal gross income allowed by federal law shall be modified by the deletions and additions specified herein.

B. Deletions. The following deductions allowed by federal law are declared inoperative and shall not form a part of allowable deductions in the computation of net income:

(1) The net operating loss deduction allowed by I.R.C. Section 172.

(2) Income taxes imposed by this Part.

(3) The dividends received deductions allowed by I.R.C. Sections 243, 244, and 245.

(4) Depletion for oil and gas wells.

(5) Deletions required by the provisions of Subpart F of this Part, where applicable.

C. Additions. The following items are declared allowable as deductions in the computation of net income and shall be added to the deductions allowed under federal law to the extent not already included therein:

(1) Repealed by Acts 2005, No. 401, §2.

(2) Depletion for oil and gas wells is allowed as a deduction as provided by R.S. 47:287.745.

(3) Intangible drilling and development costs. Intangible drilling and development costs are allowed as a deduction as provided by R.S. 47:287.743.

(4) Expenses disallowed by I.R.C. Section 280(C). Expenses which would otherwise be deductible under federal law, but for the disallowance provisions of I.R.C. Section 280(C), relative to certain expenses for which credits are allowable.

(5) Additions required by the provisions of Subpart F of this Part, where applicable.

Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 2005, No. 401, §2, eff. for all taxable periods beginning after Dec. 31, 2005; Acts 2015, No. 123, §1, eff. July 1, 2015; §3, eff. July 1, 2018.

NOTE: See Acts 2015, No. 123, §5, re: applicability.

NOTE: See Acts 2018, 2nd E.S., No. 4, §1, re: applicability.