Louisiana Revised Statutes 47:1852 – Duty to file annual reports
Terms Used In Louisiana Revised Statutes 47:1852
- Company: means a person, firm, association, organization, partnership, or corporation. See Louisiana Revised Statutes 47:1851
- Conviction: A judgement of guilt against a criminal defendant.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fraud: Intentional deception resulting in injury to another.
- Property: includes every form, character and kind of property, real, personal, and mixed, tangible and intangible, corporeal and incorporeal, and every share, right, title or interest therein or thereto, and every right, privilege, franchise, patent, copyright, trade-mark, certificate, or other evidence of ownership or interest; bonds, notes, judgments, credits, accounts, or other evidence of indebtedness, and every other thing of value, in possession, on hand, or under the control, at any time during the calendar year for which taxes are levied, within the State of Louisiana, of any person, firm, partnership, association of persons, or corporation, foreign or domestic whether the same be held, possessed, or controlled, as owner, agent, pledgee, mortgagee, or legal representative, or as president, cashier, treasurer, liquidator, assignee, master, superintendent, manager, sequestrator, receiver, trustee, stakeholder, depository, warehouseman, keeper, curator, executor, administrator, legatee, heir, beneficiary, parent, attorney, usufructuary, mandatary, fiduciary, or other capacity, whether the owner be known or unknown; except in the cases of fire, life, or other insurance companies, the notes, judgments, accounts, and credits of nonresident persons, firms, corporations, partnerships, associations, or companies doing business in the State of Louisiana, originating from the business done in this state, are hereby declared to be property with its situs within this state. See Louisiana Revised Statutes 47:1702
- Summons: Another word for subpoena used by the criminal justice system.
- Tax commission: means the Louisiana Tax Commission as established in Title 47, Section 1831 of the Louisiana Revised Statutes of 1950, or its successor. See Louisiana Revised Statutes 47:1851
A. Each company whose property is subject to taxation in this state, shall prepare and deliver to the Louisiana Tax Commission each year a report showing such information with regard to the property it owns or uses as of January first, as the Louisiana Tax Commission may by regulation prescribe. This report shall be filed on or before April first of each calendar year. The following attestation shall be signed by a principal officer or authorized agent of the company and annexed to the report: “Under penalties prescribed by law, I hereby affirm that to the best of my knowledge and belief this report, including any accompanying statements, inventories, schedules, and other information is true and complete.”
B. Any individual who willfully subscribes a report required by this Section which he does not believe to be true and correct as to every material matter shall be guilty of a misdemeanor and, upon conviction, shall be subject to a fine not to exceed one thousand dollars or imprisonment not to exceed six months.
C. Notwithstanding any other fine or penalty imposed by this Part, a company, whose principal officer or authorized agent has willfully subscribed a report required under this Section which he does not believe to be true and correct as to every material matter, shall be liable for a civil penalty equal to ten per cent of the taxes due under the corrected or changed assessment of the company.
D. If any company shall refuse or willfully neglect to make any reports required by the Louisiana Tax Commission, or shall refuse to permit an inspection and examination of its property, records, books, accounts or other papers when requested by the Louisiana Tax Commission pursuant to the provisions of La. Rev. Stat. 47:1837 or shall refuse or willfully neglect to appear in obedience to a summons issued pursuant to the provisions of La. Rev. Stat. 47:1837, the Louisiana Tax Commission shall determine the fair market value of the property according to its best judgment, and based upon such information as is in its possession, and the company shall have no legal right or cause to question or contest the determination of fair market value by the Louisiana Tax Commission, except upon proof of actual fraud on the part of the Louisiana Tax Commission as against the company so assessed.
E. All reports required and submitted under this Section shall be used by the Louisiana Tax Commission only for the purpose of securing a correct fair market value and shall not be subject to inspection by the public. However, the assessment made by the tax commission shall be available to the public.
Added by Acts 1976, No. 703, §1. Acts 1984, No. 106, §1; H.C.R. No. 88, 1993 R.S., eff. May 30, 1993; H.C.R. No. 1, 1994 R.S., eff. May 11, 1994; Acts 2004, No. 591, §1, eff. Jan. 1, 2005.
NOTE: SEE ACTS 1984, NO. 106, §2.