|
Hurricane Francine response
State automatically grants filing and payment extensions
The Louisiana Department of Revenue (LDR) has automatically granted filing and payment extensions to taxpayers whose homes, principal places of business, critical tax records or paid tax preparers are located in the federally declared disaster areas (all 64 parishes) brought on by Hurricane Francine, including Terrebonne Parish.
The measure applies to individual, fiduciary and partnership income tax, corporate income tax, corporation franchise tax, income and franchise tax payments, estimated income tax payments, withholding tax payments, sales tax returns and payments, and severance and excise taxes.
The extensions are based on the taxpayer's location address on file with LDR. If a taxpayer's address is not within Louisiana, the taxpayer may still be eligible for interest and penalty relief even though an automatic extension did not apply.
Extensions do not apply for any return or tax that was due prior to Sept. 11, 2024. For specific information on each type of taxes, click here.
SBA opens Disaster Recovery Center in Gray
The Small Business Administration (SBA) has opened its Business Recovery Center at the North Branch of Terrebonne Parish Library to help businesses get back on their feet. A second recovery center is open at St. Mary Parish Chamber of Commerce in Morgan City.
Businesses of any size can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets not fully covered by insurance. Economic injury loans are also available to meet working capital needs caused by the disaster, whether or not the business suffered any physical damage.
Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.813 percent for homeowners and renters -- with terms up to 30 years. Loan terms are determined by the applicant's financial condition. Interest does not begin to accrue until 12 months from the first loan disbursement.
The deadline to apply for a property damage loan is Nov. 18, 2024; June 16, 2025 is the deadline for economic injury applications.
|