La. Admin. Code tit. 61 § V-1005

Current through Register Vol. 50, No. 6, June 20, 2024

Section V-1005 - Reporting Procedures

A. Brine Operation Wells-Property Class #1-see guidelines adopted by the Louisiana Tax Commission and report in accordance with form requirements or as outlined above.

B. Surface Equipment

1. See guidelines adopted by the Louisiana Tax Commission. Various sizes, items, etc. may not be commingled into one category or value. Property must be grouped, totaled, and included in summary according to the following property classes:

2. Property Class #2-Process Equipment-major items of equipment are shown as a schedule item. For other equipment (not included as a schedule item), year of construction or purchase, original cost and composite multiplier must be shown and used to determine fair market value. Refer to composite multipliers in the general business section (Chapter 25) of these guidelines.

3. Property Class #3-Tanks-see schedule for type, size, unit cost, etc.

4. Property Class #4-Lease Lines

a. Steel: Up through 6" in diameter-see schedule. For larger sizes-see schedule in pipelines section (Chapter 13) and use LAT-14 form.

b. Plastic: Up through 6" in diameter-see schedule.

5. Property Class #5-Inventories

a. may be reported as a total accumulated cost in the fair market value column-with property description and on appropriate LAT form.

b. Material and Supplies:

i. located on lease or facility-use LAT-10 form;

ii. located at a public or private storage-use LAT-5 form (Sec. 1).

c. Pipe Stock-report footage or tonnage in unit column (indicating measurement) cost per unit measurement in unit value column and extend total fair market value.

i. located on lease or facility-use LAT-10 form;

ii. located at a public or private storage-use LAT-5 form (Sec. 1).

d. Pipe Stock-exempt under La. Const., Art. VII, §21(D-3)-use LAT-5 form (Sec. 1).

6. Property Class #6-Field Improvements-docks, lease buildings, equipment sheds and buildings, warehouses, land, and leasehold improvements, etc.-furnish year constructed and cost. Use composite multiplier from appropriate table on original cost and extend fair market value for each.

7. Property Class #7-Other Property-on lease or producing facilities, but not included in the above classes viz:

a. furniture and fixtures-may be reported as a total cost with the composite multiplier from the appropriate table on original cost. Report such property on LAT-10 form (Brine Operation Property).

La. Admin. Code tit. 61, § V-1005

Promulgated by the Office of the Governor, Division of Administration, Tax Commission, LR 49, Amended LR 491056 (6/1/2023).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:1837 and R.S. 47:2323.