Louisiana Administrative Code
Title 61 - REVENUE AND TAXATION
Part V - Ad Valorem Taxation
Chapter 10 - Brine Operation Properties
Section V-1005 - Reporting Procedures
Universal Citation: LA Admin Code V-1005
Current through Register Vol. 50, No. 9, September 20, 2024
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).
AUTHORITY NOTE: Promulgated in accordance with R.S. 47:1837 and R.S. 47:2323.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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