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re: Gov. Edwards set to announce tax plan at press conference
Posted on 3/29/17 at 9:18 pm to LSUFanHouston
Posted on 3/29/17 at 9:18 pm to LSUFanHouston
quote:
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.
Could you explain this as if you were speaking to, say, a 15 year old?
Posted on 3/29/17 at 10:05 pm to THRILLHO
quote:
Could you explain this as if you were speaking to, say, a 15 year old?
Need to put the state's comopanies into two buckets
1) Corporations and LLCs taxed as corporations
Basically, These companies will calculate three taxes: 1) Minimum new tax, 2) regular calculation for new tax, and 3) corporate income tax. The company will pay the highest of the three.
2) For pass through entities, i.e. partnerships, as well as joint ventures and LLCs treated as joint ventures, and disregarded entities, they will calculate 1) minimum new tax and 2) regular calculation for new tax. The company will pay the highest of the two.
It's not clear yet how S Corps will be handled.
The terrible, no good part of this: those partnerships and entities that are taxed like partnerships, will have to pay this as well as pick up full freight on their personal tax returns.
This post was edited on 3/29/17 at 10:33 pm
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