Form Cit-624 - Louisiana Corporation Income Tax Page 2
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2R-6701 (3/01)
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.
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