Created by ACT 461 of the 2007 Louisiana Legislature, this income tax credit is a direct dollar for dollar reduction against dairy producers' income tax for the taxable year that is filed with the state.
The total amount of the tax credit that may be given to Louisiana milk producers is limited to $2.5 million dollars per year. Louisiana dairymen may be eligible to receive tax credits ranging from $5,000.00 to $30,000.00. The amount of tax credit is based upon the total claims made to the $2.5 million dollar cap allotment, milk production during the year, milk prices, production costs, and the number of quarters in a year that the USDA Uniform Price drops below the announced production price.
Through the combined efforts of the Louisiana Department of Revenue, LSU AgCenter, Department of Health and Hospitals, and the Federal Milk Market Administrator for Federal Milk Order #7, the Louisiana Department of Agriculture and Forestry will then determine the amount of tax credit that will be administered to producers.
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Louisiana Dairy Producers Refundable Tax Credit Program is not employed by or affiliated with the Louisiana Land Conservation Assistance Network, and the Network does not certify or guarantee their services. The reader must perform their own due diligence and use their own judgment in the selection of any professional.
Contact Louisiana Dairy Producers Refundable Tax Credit Program
P.O. Box 3098
Baton Rouge, LA 70821-3098