William M. Backstrom, Jr. and Matthew A. Mantle, both partners on the firm's State & Local Tax Team, were quoted in a Tax Analysts article today, "Louisiana DOR, Practitioners Disagree on New NOL Deduction Limitation." Mr. Backstrom says that his "interpretation of HB 624 is that a taxpayer's overall net operating loss (NOL) carryforward and carryback would be reduced by 28 percent, but that if the reduced amount were still greater than a taxpayer’s income in a tax year, the income would be entirely offset." Mr. Mantle adds that "the Louisiana law is very clear that the plain language of the statute controls and that no regulation, and certainly no form created by an administrative agency, can trump the statute."