LAT 5 Inventory, Merchandise, Etc.. Louisiana Tax Commission 2025

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The document is a tax exemption analysis form (LAT 5A) for personal property tax in Louisiana, which must be filed with the local Assessor by April 1st or within 45 days of receipt. It includes sections for reporting buildings, machinery, equipment, and furniture, along with their acquisition costs and exemptions. The form emphasizes the importance of accurate reporting to avoid penalties and provides a declaration statement for taxpayers.

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Click ‘Get Form’ to open the LAT 5 Inventory in the editor.
Begin by entering your name and address in the designated fields at the top of the form. Ensure that all information is accurate for proper processing.
In Section 1, provide details about buildings including year of acquisition, exemption contract number, acquisition cost, and amount of exemption. Use attachments if necessary.
Proceed to Section 2 for machinery and equipment. Group entries by year of acquisition and fill in the required fields such as description and amounts related to exemptions.
For Section 3, list furniture and fixtures similarly by year of acquisition. Ensure all descriptions are clear and concise.
In Section 4, detail consigned goods or rented equipment. Include property descriptions along with monthly rental costs and fair market values.
Finally, review your entries for accuracy before signing at the bottom of the form. Ensure that both taxpayer and preparer signatures are included where applicable.

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Versions	Form popularity	Fillable & printable
2023	4.8 Satisfied (33 Votes)
2022	4.8 Satisfied (42 Votes)
2019	4.5 Satisfied (106 Votes)
2016	4.3 Satisfied (234 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What qualifies for a tax credit?

Youre at least 18 years old or have a qualifying child. Have earned income of at least $1 and not more than $31,950. Have a valid Social Security Number or Individual Taxpayer Identification Number (ITIN) for you, your spouse/RDP, and any qualifying children.

What is the Louisiana inventory tax credit?

6006. Tax credits for local inventory taxes paid. A. (1) There shall be allowed a credit against Louisiana individual income tax for ad valorem taxes paid to political subdivisions on inventory held by manufacturers, distributors, and retailers.

How does tax on inventory work?

Once you have the ending inventory value, you would multiply it by the applicable tax rate to get your inventory tax figure. For instance, in a state with a rate of 0.48%, youd owe $864.00. The best method of calculation is determined by your business practices.

How do I claim inventory on my taxes?

Businesses can opt to report inventory in two different ways on the business tax return: it can be an asset on the balance sheet or it can be an expense on the profit loss statement. The purpose is to indicate to the IRS when you will claim a deduction for those purchases.

How much is inventory tax in Louisiana?

Louisiana (0.23-0.89%)

louisiana lat 5 form

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What is the Louisiana Department of Revenue inventory tax credit?

This program allows for taxpayers who pay ad valorem property taxes on business inventory to claim a one-time credit for use against their Louisiana income or corporate franchise taxes.