1. A. Fiscal year means an accounting period of 12 months ending on the last day of any month other than December. In the case of a taxpayer that, in keeping its books, regularly uses a 52- to 53-week period permitted under R.S. 47:91(F), the secretary of revenue and taxation may permit the use of such accounting period for purposes of this Chapter, provided that in any case in which the effective date or the applicability of any provisions of this Chapter is expressed in terms of taxable years beginning or ending with reference to a specified date which is the first or last day of a month, such 52- or 53-week accounting period shall be treated:

   1. 1. as beginning with the first day of the calendar month beginning nearest to the first day of such taxable period; or
   2. 2. as ending with the last day of the calendar month ending nearest to the last day of such taxable period, as the case may be.
2. B. However, no fiscal year will be recognized unless, before its close, it was definitely established as an accounting period and the books of the taxpayer were kept accordingly.
3. C. Once an accounting period has been established, no change from that period shall be made without the approval of the secretary of revenue and taxation.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:613.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Revenue and Taxation, Income and Corporation Franchise Taxes Section, Office of Group III, LR 6:25 (January 1980), amended LR 11:108 (February 1985), repromulgated by the Department of Revenue, Policy Services Division, LR 30:469 (March 2004).