General Instructions For Form Cit-624 printable pdf download

R-6701 (1/14)

General Instructions

R-6701 (Form CIT-624), Request for Tentative Refund of Corporation Income Tax, may only be used to request a refund

resulting from the carryback of a net operating loss.

Schedule A:

Schedule A is used to compute the amount of loss available for carryback, and the balance of the loss that remains to be

carried forward. Louisiana Revised Statute 47:287.86.G provides that a net operating loss deduction may be carried back to

each of the three taxable years preceding the taxable year in which the loss was incurred. The loss must be reduced by the

amount of federal income tax refund or credit due to the carryback of a loss for federal income tax purposes, to the extent

that the Federal income tax was deducted from Louisiana net income in a prior year. A schedule showing the calculation of

the federal tax refund applicable to the loss carryback and a copy of federal Form 1139, “Corporation Application for Tentative

Refund,” must be included with your request for tentative refund. If no federal tax refund is applicable to the loss carryback,

a statement of explanation must be included with the refund request.

In some cases, a federal tax deduction adjustment in the prior period may be necessary even though there is no loss

carryback for federal purposes. Federal taxes paid on income that is not being taxed by Louisiana, due to the carryback of

the loss, cannot be deducted. This amount of adjustment to the preceding periods’ federal tax deductions may be reflected

on Schedule A, Line 2. Please attach your computation.

Schedule B:

Schedule B is used to compute the tentative refund amount requested from the appropriate preceding tax year. The current

loss carryback (Line 3) should correspond to the total loss to be utilized as computed in Schedule A, Line 4. Any new jobs

credits that were claimed on previous returns, but due to the election to carry back a net operating loss to that preceding

tax period are no longer being utilized, may be carried forward and claimed against the tax liability for another period on the

schedule. Any refund resulting from the carryforward of the new jobs credit should be included in the tentative refund amount.

A separate refund check will be issued for each period. The tax periods are subject to an examination and any tentative

refund amounts determined not to be an overpayment may be recovered within two years from December 31 of the year in

which the tentative refund was paid. The recovered overpayment of refund shall bear interest at the rate provided for in R.S.

47:1601, computed from the date the tentative refund was issued until payment is received by the department.

General Instructions For Form Cit-624