A Louisiana Gas Storage Agreement refers to a legally binding contract between a gas storage service provider and a gas storage customer, typically in the state of Louisiana, United States. This agreement outlines the terms and conditions governing the storage of natural gas within the storage facilities operated by the service provider. Keywords: Louisiana, Gas Storage Agreement, gas storage service provider, gas storage customer, natural gas, storage facilities. There are different types of Louisiana Gas Storage Agreements based on various factors and specific requirements. Some of these types include: 1. Firm Storage Agreement: This type of agreement guarantees the reserve storage capacity for the customer throughout the agreed-upon duration. The customer has the right to inject and withdraw gas from the storage facility as per their needs, ensuring reliability and uninterrupted access to stored gas. 2. Interruptible Storage Agreement: Unlike the firm storage agreement, an interruptible storage agreement provides the customer with non-guaranteed storage capacity. The service provider has the right to interrupt or suspend the storage services to accommodate firm storage customers during high-demand periods or in emergency situations. 3. Swing Storage Agreement: In a swing storage agreement, customers have the flexibility to adjust the injection and withdrawal volumes of gas within a predetermined range. This type of agreement allows customers to quickly respond to market fluctuations and optimize their gas storage strategy based on changing demand patterns. 4. Park and Loan Agreement: This type of agreement enables customers to park or store their excess gas supply during low-demand periods when prices are relatively low. The stored gas can be retrieved later during high-demand periods, enabling customers to take advantage of fluctuating market conditions and optimize their gas inventory management. 5. Hub Service Agreement: A hub service agreement allows customers to use the storage facility as a central hub or distribution point to exchange and redistribute gas among different locations or pipelines. This type of agreement facilitates efficient gas transportation and storage logistics for various market participants, such as producers, marketers, and pipeline operators. 6. Balancing Agreement: A balancing agreement helps customers maintain a balance between their gas supply and demand by using the storage facility as a buffer. It allows quick adjustments to meet unforeseen demand variations, preventing imbalances and ensuring reliable gas delivery to end-users. These different types of Louisiana Gas Storage Agreements cater to the diverse needs of customers in terms of flexibility, reliability, cost-effectiveness, and market dynamics. It is essential for both parties involved to carefully review and negotiate the terms and conditions of the agreement to ensure mutual benefits and compliance with relevant regulations.
Louisiana Gas Storage Agreement
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Individuals who are domiciled, reside, or have a permanent residence in Louisiana are required to file a Louisiana individual income tax return and report all of their income and pay Louisiana income tax on that income, if applicable.
All nonresident partners who were partners at any time during the taxable year and who do not have a valid agreement on file with LDR must be included in the Louisiana Composite Partnership Return (See LAC 61:I. 1401).
Who Must File? All corporations and entities taxed as corporations for federal income tax purposes deriving income from Louisiana sources, whether or not they have any net income, must file an income tax return.
Louisiana Revised Statute 1.1(F)(4) requires the electronic filing of all composite partnership returns. If tax credits are claimed on the composite return: ALL nonresident partners must be included on the return and on Schedule of Included Partner's Share of Income and Tax.
Composite returns required to be made for an entity treated as a partnership for state income tax purposes and which is made on the basis of the calendar year shall be made and filed with the secretary at Baton Rouge, Louisiana, on or before the fifteenth day of May, following the close of the calendar year.