By Elise Henry The 2016 Louisiana Legislative Session, which began on March 14, 2016 and closed on June 6, 2016, resulted in the House filing 1,167 bills and the Senate filing 477. Henry has reviewed the legislation to see which bills will affect our clients and their business. The law as it is currently drafted only applies to a Chapter 7 Bankruptcy.
Following are the highlights of the legislation that was passed and will become law. Act 88 will make the law applicable to a Chapter 13 Bankruptcy as well. Upshot: Under the Act, Judgment Debtors who filed for bankruptcy under Chapter 13 are permitted to obtain a partial cancellation of the inscription of a judgment as it affects property acquired after the bankruptcy discharge.
The act also will let any manufacturer in the state claim increased expensing amounts under the state income tax, conforming to the maximum aggregate costs of expensing allowed by the federal government.• Veteran employees — A small business may claim an income-tax credit that may not exceed 30 percent of up to the first ,000 of wages paid to the qualified veteran employee during the first year of employment.• Tax credit extensions — The Employer Security Clearance Costs tax-credit program allows a business to claim a tax credit against the state income tax for certain federal government security clearance expenses.
The Motor Vehicle Administration is authorized to issue a maximum of ,000 in tax credits to a single taxpayer and a total of 0,000 in tax credits on a first-come, first-served basis in each tax year.• New legislation also expands the research-and-development tax credit by increasing from million to million the aggregate amount of credits the state Department of Commerce can approve in each calendar year.
This bill reinstitutes that concept to prevent the need for the time consuming and costly process of dissolution for this limited purpose.
Act 89 adds a fourth provision that allows the juridical personality of a terminated corporation to continue for the purpose of disposing of immovable property owned by the corporation pursuant to a resolution of the board of directors. Upshot: The recent revision to the Business Corporation Act repealed a provision that allowed a corporation administratively terminated by the Louisiana Secretary of State for failure to file an annual report to maintain its existence for purposes of selling property belonging to the corporation, rather than dissolving the corporation as would be necessary under current law. Act 244 changes the period of prescription on a claim of privilege filed by a condominium association against a condominium parcel from one year to five years, the same period applicable to liens under the Louisiana Homeowners Association Act (R.
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23.115(A) that states that if the condominium association files a privilege for an amount that is not owed by the unit owner, in whole or in part, and if the unit owner affected by the privilege files suit to obtain a complete or partial release of that lien or privilege, the condominium association is liable to the unit owner for expenses in obtaining a release, including attorney fees. Upshot: The period of prescription on a recorded claim of privilege by a condominium association will now be five years. This legislation corrects the errors to align the statutes with the original intent.
This created an anomalous situation not intended by the drafters of that amendment that a trust instrument containing a conveyance of immovable property, or an extract thereof, arguably did not have to be recorded any longer. utilities) by imposing an affirmative obligation on these entities to provide a detailed disclosure of the property owner’s right relative to the expropriation proceeding.