re: Gov. Edwards set to announce tax plan at press conference

Here'e the money shot.

For corporations and limited liability companies that have elected to be taxed as corporations, the total amount due on the corporation income tax return is the greater of: (1) the MCAT; (2) the CAT; or (3) the net tax due after the application of all credit carryforwards, nonrefundable credits, and refundable credits against the corporation income tax. The CAT will serve as an alternative minimum tax to the corporation income tax. For all pass through entities not subject to the corporation income tax with more than $1.5 million in taxable gross receipts, the amount due is the CAT; if the result of the CAT calculation is zero or less then the top tier of the MCAT is the amount due.