The Louisiana Tax Commission has scheduled the 2023 Rules and Regulations session to hear proposals on amending the current real and personal property tax rules and regulations for September 21, 2022. One of those proposals is the 2022 Tax Year Joint Proposal of Louisiana Assessors’ Association and Advanced Power Alliance for Chapter 25, Table 2503.A (Solar Farm). This amendment, submitted by the Louisiana Assessors’ Association and the Advanced Power Alliance, requests that the Louisiana Tax Commission redefine the categories and depreciable lives associated with solar farms. Based on their research, the recommended useful lives are as follows:
While the proposed depreciation schedule will shorten the useful life for the panels, taxpayers should still test, identify, and quantify for other forms of obsolescence. The experts at Ryan will continue to monitor the progress of this amendment. If you own a solar farm in Louisiana, we encourage you to contact one of the Ryan experts below to determine how you might benefit from the new policy.
TECHNICAL INFORMATION CONTACTS:
Joe Molina
Principal
Ryan
512.960.1081
joe.molina@ryan.com
Jesse Noneman
Principal
Ryan
317.917.3282
jesse.noneman@ryan.com
Andrew Grove
Director
Ryan
972.934.0022
andrew.grove@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.