reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:226. Mutual insurance companies other than life

RS 47:226 - Mutual insurance companies other than life
A. Basis of tax. Mutual insurance companies, other than life insurance companies, shall be taxable in the same manner as other corporations, except as hereinafter provided in this Section.
B. Gross income. Mutual marine insurance companies shall include in gross income the gross premiums collected and received by them less amounts paid for reinsurance.
C. Deductions. In addition to the deductions allowed to corporations by R.S. 47:54 through 47:72, the following deductions to insurance companies shall also be allowed, unless otherwise allowed:
(1) In the case of mutual insurance companies other than life insurance companies:
(a) the net additions required by law to be made within the taxable year to reserve funds (including in the case of assessment insurance companies the actual deposit of sums with state or territorial officers pursuant to law as additions to guarantee or reserve funds); and
(b) the sums other than dividends paid within the taxable year on policy and annuity contracts;
(2) In the case of mutual marine insurance companies in addition to the deductions allowed in paragraph (1) of this Sub-section, unless otherwise allowed, amounts repaid to policyholders on account of premiums previously paid by them, and interest paid upon such amounts between the ascertainment and the payment thereof;
(3) In the case of mutual insurance companies (including interinsurers and reciprocal underwriters, but not including mutual life or mutual marine insurance companies) requiring their members to make premium deposits to provide for losses and expenses, the amount of premium deposits returned to their policyholders and the amount of premium deposits retained for the payment of losses, expenses, and reinsurance reserves.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:227. Offset against tax

RS 47:227 - Offset against tax
Every insurance company shall be entitled to an offset against any tax incurred under this Chapter, in the amount of any taxes, based on premiums, paid by it during the preceding twelve months, by virtue of any law of this state.
Acts 2015, No. 125, §2 eff. July 1, 2015; Acts 2016, 1st Ex. Sess., No. 29, §§1, 2, eff. June 17, 2016; Acts 2017, No. 400, §§1, 2, 4, eff. June 26, 2017; Acts 2017, No. 403, §§2, 3, eff. June 26, 2017.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:241. Net income subject to tax

RS 47:241 - Net income subject to tax
The net income of a nonresident individual or a corporation subject to the tax imposed by this Chapter shall be the sum of the net allocable income earned within or derived from sources within this state, as defined in R.S. 47:243, and the net apportionable income derived from sources in this state, as defined in R.S. 47:244.
Amended by Acts 1950, No. 445, §1; Acts 1968, No. 106, §8; Acts 1970, No. 258, §6; Acts 1973, Ex.Sess., No. 8, §1; Acts 2016, 1st Ex. Sess., No. 30, §1; Acts 2021, No. 395, §1, see Act; Acts 2021, No. 396, §1, eff. Jan. 1, 2022.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:242. Segregation of items of gross income

RS 47:242 - Segregation of items of gross income
All items of gross income, not otherwise exempted in this Chapter, shall be segregated into two general classes.
(1) The class of gross income to be designated as "allocable income" shall include only the following:
(a) Rents and royalties from immovable or corporeal movable property.
(b) Profits from sales or exchanges of property (including items such as stocks, bonds, notes, land, machinery, mineral rights) not made in the regular course of business.
(c) Interest income.
(d) Dividends from corporate stock.
(e) Royalties or similar revenue from the use of patents, trade marks, copyrights, secret processes, and other similar intangible rights.
(f) Income from estates, trusts, and partnerships.
(g) Salaries, wages, or other compensation received by a nonresident individual for personal services.
(i) Salaries, wages, or other compensation received by a nonresident individual for personal services rendered during a declared state disaster or emergency as defined in R.S. 47:53.5 shall not be considered an item of gross income to be designated as allocable income.
(ii) Wages, as defined by R.S. 47:111, paid to a nonresident individual that are exempt pursuant to the mobile workforce provisions of R.S. 47:248 shall not be considered an item of gross income to be designated as allocable income.
(h) Income from construction, repair, or other similar services. However, income from construction, repair, or other similar services received by a nonresident corporation for disaster emergency-related work rendered during a declared state disaster or emergency as defined in R.S. 47:53.5 shall not be considered an item of gross income to be designated as allocable income.
(2) The class of income to be designated as "apportionable income" shall include all items of gross income which are not properly includible in allocable income as defined in this Section.
(a) Salaries, wages, or other compensation received by a nonresident individual for personal services rendered during a declared state disaster or emergency and income from construction, repair, or other similar services received by a nonresident corporation for disaster or emergency-related work rendered during a declared state disaster or emergency as defined in R.S. 47:53.5 shall not be considered an item of gross income to be designated as apportionable income.
(b) Wages, as defined by R.S. 47:111, paid to a nonresident individual that are exempt pursuant to the mobile workforce provisions of R.S. 47:248 shall not be considered an item of gross income to be designated as allocable income.
Amended by Acts 1958, No. 170, §1; Acts 2017, No. 358, §1, eff. July 1, 2017; Acts 2021, No. 383, §1, eff. June 16, 2021.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:247. Allowance of deductions and credits

RS 47:247 - Allowance of deductions and credits
A corporation shall receive the benefit of the deductions and credits allowed to it in this Chapter only by filing or causing to be filed with the collector a true and accurate return of its total income received from all sources in the United States, in the manner prescribed in this Chapter, including therein all the information which the collector may deem necessary for the calculation of such deductions and credits.
Amended by Acts 1968, No. 106, §9.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:248. Exemption for certain nonresident individuals; mobile workforce

RS 47:248 - Exemption for certain nonresident individuals; mobile workforce
A. Definitions. As used in this Section:
(1) "Professional athlete" means an athlete who performs services in a professional athletic event for compensation and includes active players and players on the disabled list if required to travel with the team.
(2) "Professional entertainer" means a person who performs services in the professional performing arts for compensation on a per-event basis.
(3) "Public figure" means a person of prominence who performs services at discrete events, such as speeches, public appearances, or similar events, for compensation on a per-event basis.
(4) "Qualified production employee" means a person who performs services of any nature directly relating to a state-certified production for compensation, provided that the compensation paid to the person is a qualified production expenditure pursuant to the motion picture production tax credit provided for in R.S. 47:6007, and that the compensation is subject to withholding as a condition to treating the compensation as a qualified production expenditure.
(5) "Staff member of a professional athletic team" means any person required to travel with and perform services on behalf of a professional athletic team, including but not limited to coaches, managers, and trainers.
(6) "Time and attendance system" means a system through which an employee is required, on a contemporaneous basis, to record the employee's work location for every day worked outside the state where the employee's employment duties are primarily performed and that is designed to allow the employer to allocate the employee's compensation for income tax purposes among all states in which the employee performs employment duties for the employer.
B.(1) Beginning January 1, 2022, wages, as defined by R.S. 47:111, paid to a nonresident individual are exempt from the tax levied under R.S. 47:290 if all of the following conditions apply:
(a) The compensation is paid for employment duties performed by the individual in this state for twenty-five or fewer days in the calendar year.
(b) The individual performed employment duties in more than one state during the calendar year.
(c) The wages are not paid for employment duties performed by the individual in the individual's capacity as a professional athlete, staff member of a professional athletic team, professional entertainer, public figure, or qualified production employee.
(d) The individual's income is exempt from taxation by this state under the United States Constitution or federal statute or the nonresident individual's state of residence either provides a substantially similar exemption or does not impose an individual income tax.
(2) The exemption provided in this Subsection shall not apply if the nonresident individual has any other income derived from sources within this state for the taxable year.
Acts 2021, No. 383, §1, eff. June 16, 2021.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:261. Refunds and credits; general rules

RS 47:261 - Refunds and credits; general rules
Except as otherwise provided in this Sub-part, all matters relating to the refunding or crediting of income taxes shall be governed by the provisions of Chapter 18, Part V of this Sub-title.* *R.S. 47:1621 to 47:1627.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:262. Overpayment of installment

RS 47:262 - Overpayment of installment
If the taxpayer has paid as an installment of tax more than the amount determined to be the correct amount of such installment, the overpayment shall be credited against the unpaid installments, if any, and any excess shall be credited or refunded as provided in Chapter 18, Part V of this Sub-title.*
*R.S. 47:1621 to 47:1627.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:263. Overpayment arising from renegotiation of war contract

RS 47:263 - Overpayment arising from renegotiation of war contract
Whenever the computation for any taxable year ending on or after September 1, 1940, of any tax imposed by this Chapter, includes profits, gains or income from a contract or contracts with the United States or any department, agency or instrumentality thereof or from any subcontract or subcontracts thereunder, and after the filing of the return or payment of the tax such profit, gain or income should be redetermined by renegotiation or repricing pursuant to the laws of the United States, upon the showing thereof by the taxpayer by the filing of a claim, the tax for said taxable year shall be recomputed on the basis of such redetermined profit, gain or income, and a credit or refund shall be allowed for any overpayment thereby appearing without regard to whether the settlement in the renegotiation or repricing proceedings was voluntary or involuntary. The period of limitation for claims for refund or credit under this Section shall be the period of limitation provided in R.S. 47:1623 or one year from the date of the final determination in the renegotiation or repricing proceedings, whichever of such periods expires the later; provided that the applicable period may be extended by an agreement in writing between the taxpayer and the collector.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:264. Overpayments arising from allowance of deductions for bad debts or worthless stock

RS 47:264 - Overpayments arising from allowance of deductions for bad debts or worthless stock
In the case of an overassessment which arises from the allowance of a deduction for a bad debt or worthless stock which has not been claimed and allowed on a return of the taxpayer for another year, the period of limitation prescribed in R.S. 47:1623 shall be extended for an additional period of two years, and the limitation on the amount of credit or refund provided in R.S. 47:1623 shall be suspended.
Added by Acts 1950, No. 445, §2.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:265. Credits arising from refunds by utilities

RS 47:265 - Credits arising from refunds by utilities
Whenever a utility refunds to its customers, pursuant to an order of a court or regulatory agency as a result of the denial of a proposed rate increase, an amount or amounts which, if taken as a deduction from gross income in the year paid or accrued, would result in a net loss, then in lieu of such deduction the utility may elect to take a credit against its Louisiana income tax in the amount of seventy-two percent of the income tax increase which was the sole result of the inclusion of the amount or amounts refunded in gross income in the year or years received irrespective of whether or not the period of limitation provided in R.S. 47:1623 has expired for the year in which the amount refunded was included in gross income. If this credit exceeds the income tax that would be due the state of Louisiana in the year of the refund, computed without the credit, then the excess of this credit may be carried over the following two taxable years.
Added by Acts 1960, No. 210, §1; Acts 2015, No. 125, §2, eff. July 1, 2015; Acts 2016, 1st Ex. Sess., No. 29, §2; Acts 2017, No. 400, §§1, 4, eff. June 26, 2017.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:282. Collection from transferee or fiduciary; procedure

RS 47:282 - Collection from transferee or fiduciary; procedure
The liability, at law or in equity, of a transferee of property of a taxpayer, in respect of the tax (including interest, additional amounts, and additions to the tax provided by law) imposed upon the taxpayer by this Chapter, or the liability, at law or in equity, of a fiduciary in respect of a payment of any such tax from the estate of the taxpayer, shall be assessed, collected, and paid in the same manner and subject to the same provisions and limitations as in the case of the collection directly from the taxpayer.
In the absence of notice to the collector under R.S. 47:283B of the existence of a fiduciary relationship, notice of liability enforceable under this Section in respect of a tax imposed by this Chapter, if mailed to the person subject to the liability at his last known address, shall be sufficient for the purpose of this Chapter, even if such person is deceased, or is under legal disability, or in the case of a corporation, has terminated its existence.
As used in this Section, the term "transferee" includes heir, legatee, devisee, and distributee.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:283. Notice of fiduciary relationship

RS 47:283 - Notice of fiduciary relationship
A. Fiduciary of taxpayer. Upon notice to the collector that any person is acting in a fiduciary capacity, such fiduciary shall assume powers, rights, duties, and privileges of the taxpayer in respect of a tax imposed by this Chapter (except as otherwise specifically provided and except that the tax shall be collected from the estate of the taxpayer), until notice is given that the fiduciary capacity has terminated.
B. Fiduciary of transferee. Upon notice to the collector that any person is acting in a fiduciary capacity for a person subject to the liability specified in R.S. 47:282, the fiduciary shall assume, on behalf of such person, the powers, rights, duties, and privileges of such person under such Section, (except that the liability shall be collected from the estate of such person) until notice is given that the fiduciary capacity has terminated.
C. Manner of notice. Notice under Sub-sections A or B of this Section shall be given in accordance with regulations prescribed by the collector.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:285. Disposition of collections

RS 47:285 - Disposition of collections
Except as otherwise provided in R.S. 47:284, all monies collected by the secretary under this Chapter, and all interest and penalties thereon, shall be paid to the state treasurer immediately upon receipt and shall be credited to the state general fund; however, the sum of one million dollars annually shall be credited to the Bond Security and Redemption Fund to be used to retire the bonds authorized by Acts 1969, No. 15.
Amended by Acts 1969, No. 124, §2; Acts 1972, Ex.Sess., No. 11, §2; Acts 1997, No. 1126, §1, eff. July 1, 1997.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.11. Tax imposed

RS 47:287.11 - Tax imposed
A. There shall be levied, collected, and paid for each taxable year a tax upon the Louisiana taxable income of corporations and other entities taxed as corporations for federal income tax purposes, which entities shall be considered to be corporations for the purposes of this Chapter only, other than insurance companies as hereinafter provided.
B. Corporations shall be taxed on their Louisiana taxable income, except as otherwise exempted.
C. Taxable years affected.
(1) The provisions of this Part shall apply to taxable years beginning after December 31, 1986, including taxable years deemed to have commenced on January 1, 1987, by the provisions of R.S. 47:287.443.
(2) Taxable years beginning prior to January 1, 1987, shall not be affected by the provisions of this Part, but shall remain subject to the applicable provisions of R.S. 47:21 et seq.
D. Insurance companies shall not be subject to this Part but shall continue to be taxed pursuant to the provisions of R.S. 47:21 and R.S. 47:221 et seq., and as otherwise provided by law.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 1998, No. 42, §1, applicable to taxable periods beginning after December 31,1997.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.12. Rates of tax

RS 47:287.12 - Rates of tax
The tax to be assessed, levied, collected, and paid upon the Louisiana taxable income of every corporation shall be computed at the rate of:
(1) Three and one-half percent upon the first fifty thousand dollars of Louisiana taxable income.
(2) Five and one-half percent on the amount of Louisiana taxable income above fifty thousand dollars but not in excess of one hundred fifty thousand dollars.
(3) Seven and one-half percent on the amount of Louisiana taxable income above one hundred fifty thousand dollars.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 2016, 1st Ex. Sess., No. 8, §1; Acts 2021, No. 396, §1, eff. Jan. 1, 2022.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.34. Repealed by Acts 2005, No. 268, §2, eff. for credits earned or claimed for income tax years beginning after Dec. 31, 2004, and franchise tax years beginning after Dec. 31, 2005.

RS 47:287.34 - Repealed by Acts 2005, No. 268, §2, eff. for credits earned or claimed for income tax years beginning after Dec. 31, 2004, and franchise tax years beginning after Dec. 31, 2005.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.61. Gross income defined

RS 47:287.61 - Gross income defined
"Gross income" of a corporation means the same items and the same dollar amount required by federal law to be reported as gross income on the corporation's federal income tax return for the same taxable year, subject to the modifications specified in this Part, whether or not a federal income tax return is actually filed.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.63. Allowable deductions defined

RS 47:287.63 - Allowable deductions defined
"Allowable deductions" for a taxable year means the deductions from federal gross income allowed by federal law in the computation of taxable income of a corporation for the same taxable year, subject to the modifications specified in this Part.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.65. Net income defined

RS 47:287.65 - Net income defined
"Net income" of a corporation for a taxable year means the taxable income of the corporation computed in accordance with federal law for the same accounting period and under the same method of accounting, including statutorily required accounting adjustments, subject to the modifications specified in this Part.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.67. Louisiana net income defined

RS 47:287.67 - Louisiana net income defined
"Louisiana net income" means net income which is earned within or derived from sources within the state of Louisiana.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.69. Louisiana taxable income defined

RS 47:287.69 - Louisiana taxable income defined
"Louisiana taxable income" means Louisiana net income after adjustments. "After adjustments" means after the application of the net operating loss adjustment allowed by R.S. 47:287.86.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 2016, 1st Ex. Sess., No. 30, §1; Acts 2021, No. 396, §1, see Act.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.73. Modifications to deductions from gross income allowed by federal law

RS 47:287.73 - Modifications to deductions from gross income allowed by federal law
A. The deductions from federal gross income allowed by federal law shall be modified by the deletions and additions specified herein.
B. Deletions. The following deductions allowed by federal law are declared inoperative and shall not form a part of allowable deductions in the computation of net income:
(1) The net operating loss deduction allowed by I.R.C. Section 172.
(2) Income taxes imposed by this Part.
(3) The dividends received deductions allowed by I.R.C. Sections 243, 244, and 245.
(4) Depletion for oil and gas wells.
(5) Deletions required by the provisions of Subpart F of this Part, where applicable.
C. Additions. The following items are declared allowable as deductions in the computation of net income and shall be added to the deductions allowed under federal law to the extent not already included therein:
(1) Expenses that would otherwise be deductible under federal law but for the provisions of 26 U.S.C. 280E, for a licensee of this state pursuant to Part X-E of Chapter 4 of Title 40 of the Louisiana Revised Statutes of 1950, as amended, related to the production or dispensing of marijuana recommended for therapeutic use by patients clinically diagnosed as suffering from a debilitating medical condition as defined in R.S. 40:1046.
(2) Depletion for oil and gas wells is allowed as a deduction as provided by R.S. 47:287.745.
(3) Intangible drilling and development costs. Intangible drilling and development costs are allowed as a deduction as provided by R.S. 47:287.743.
(4) Expenses disallowed by 26 U.S.C. 280C. Expenses that would otherwise be deductible under federal law but for the disallowance provisions of 26 U.S.C. 280C, relative to certain expenses for which credits are allowable.
(5) Additions required by the provisions of Subpart F of this Part, where applicable.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 2005, No. 401, §2, eff. for all taxable periods beginning after Dec. 31, 2005; Acts 2015, No. 123, §1, eff. July 1, 2015; §3, eff. July 1, 2018; Acts 2019, No. 331, §4, eff. July 1, 2019.
NOTE: See Acts 2015, No. 123, §5, re: applicability.
NOTE: See Acts 2018, 2nd E.S., No. 4, §1, re: applicability.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.75. Computation of net income

RS 47:287.75 - Computation of net income
The net income of a corporation is computed by subtracting allowable deductions from gross income for a taxable year.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.77. Computation of Louisiana net income or loss

RS 47:287.77 - Computation of Louisiana net income or loss
Louisiana net income or loss of a corporation is determined by applying the allocation and apportionment provisions of this Part to the corporation's gross income, allowable deductions, and net income for a taxable year as determined and computed pursuant to this Part.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.81. Items not deductible; amounts attributable to income not taxed

RS 47:287.81 - Items not deductible; amounts attributable to income not taxed
In computing Louisiana net income or Louisiana taxable income no deduction shall in any case be allowed in respect of any amount otherwise allowable as a deduction which is attributable to income which, for any reason whatsoever, will not bear the tax imposed by this Part.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.91. Determination of Louisiana net income or loss

RS 47:287.91 - Determination of Louisiana net income or loss
A. The Louisiana net income of a corporation is the sum produced by combining the net allocable income or loss as provided in R.S. 47:287.93 and the net apportionable income or loss as provided in R.S. 47:287.94 when the result is more than zero.
B. The Louisiana net loss of a corporation is the sum produced by combining the net allocable income or loss as provided in R.S. 47:287.93 and the net apportionable income or loss as provided in R.S. 47:287.94 when the result is less than zero.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.92. Segregation of items of gross income

RS 47:287.92 - Segregation of items of gross income
A. All items of gross income, not otherwise exempt, shall be segregated into two general classes designated as allocable income and apportionable income.
B. Allocable income. The class of gross income to be designated as "allocable income" shall include only the following:
(1) Rents and royalties from immovable or corporeal movable property.
(2) Royalties or similar revenue from the use of patents, trademarks, copyrights, secret processes, and other similar intangible rights.
(3) Income from estates, trusts, and partnerships.
(4) Income from construction, repair, or other similar services.
C. Apportionable income. The class of income to be designated as "apportionable income" shall include all items of gross income which are not properly includable in allocable income as defined in this Section.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 1992, No. 1029, §1, eff. for taxable periods beginning on or after Jan. 1, 1992; Acts 1993, No. 690, §1, eff. June 21, 1993, for all taxable periods beginning after Dec. 31, 1992; Acts 2002, No. 16, §1, eff. June 7, 2002; Acts 2005, No. 401, §1, eff. for all taxable periods beginning after Dec. 31, 2005.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.441. Accounting periods, methods of accounting, and adjustments

RS 47:287.441 - Accounting periods, methods of accounting, and adjustments
For purposes of determining the period in which to include items of gross income, determining the period in which deductions should be taken, and computing net income under this Part, a corporation shall use the same taxable year and the same method of accounting it is required to use for federal income tax purposes, including its inventory method and statutorily required accounting adjustments, unless otherwise provided in this Part.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.443. Effective dates, taxable year, 52-53 week year

RS 47:287.443 - Effective dates, taxable year, 52-53 week year
In any case in which the effective date or the applicability of any provision of this Part 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, a taxable year consisting of 52-53 weeks which is properly elected under law shall be treated as:
(1) Beginning with the first day of the calendar month beginning nearest to the first day of such taxable year, or
(2) Ending with the last day of the calendar month ending nearest to the last day of such taxable year, as the case may be.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.444. Returns for a period of less than twelve months, special tax computation

RS 47:287.444 - Returns for a period of less than twelve months, special tax computation
A. When a separate return for a period of less than twelve months is required by law, or permitted by the secretary pursuant to this Part, Louisiana taxable income of a corporation shall be computed on the basis of such period.
B. When Louisiana taxable income is computed on the basis of a period of less than twelve months, it shall be placed on an annual basis by multiplying the amount thereof by twelve and dividing by the number of months included in the period for which the separate return is required or permitted to be made. The tax shall be such part of the tax computed on such annual basis as the number of months in such period is of twelve months.
Acts 1992, No. 170, §1, eff. for taxable periods beginning on or after Jan. 1, 1992.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.445. Special adjustment for long-term contracts

RS 47:287.445 - Special adjustment for long-term contracts
A. General. Notwithstanding any provision to the contrary in this Chapter, any corporation that uses the percentage of completion method prescribed in 26 U.S.C.A. §460 shall upon completion of the contract, or, with respect to any amount properly taken into account after completion of the contract, when such amount is so properly taken into account, pay or shall be entitled to receive interest computed under the look-back method of Subsection B.
B. Look-back method. The interest computed under the look-back method of this Subsection shall be determined as follows:
(1) First, allocating income under the contract among taxable years in accordance with the provisions of 26 U.S.C.A. §460(b)(2)(A).
(2) Second, determine solely for purposes of computing such interest, the overpayment or underpayment of Louisiana corporate income tax for each taxable year referred to in Paragraph (1), which would result solely from the application of Paragraph (1), and
(3) Then, applying the rate of interest established by R.S. 47:1624 to the overpayment or underpayment determined under Paragraph (2).
C. S corporations. With respect to a corporation which for a taxable year is classified as an S corporation, the principles of I.R.C. Section 460(b)(4)(A) shall apply with respect to its excludible percentage of Louisiana net income attributable to any long-term contract, there shall be no exceptions for S corporations which are closely held pass-through entities and "highest rate" shall mean the highest rate of tax specified in R.S. 47:32.
Acts 1992, No. 588, §1; Acts 2002, No. 51, §1, eff. Jan. 1, 2003.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.501. Exemption from tax on corporations

RS 47:287.501 - Exemption from tax on corporations
A. General rule. An organization described in I.R.C. Sections 401(a) or 501 shall be exempt from income taxation under this Part to the extent such organization is exempt from income taxation at federal law, unless the contrary is expressly provided.
B. Additional exemptions.
(1) Mutual savings banks, national banking corporations and banking corporations organized under the laws of the state of Louisiana who pay a tax for their shareholders or whose shareholders pay a tax on their shares of stock under other laws of this state and building and loan associations shall be exempt from taxation under this Part.
(2) Any corporation, community chest, fund, or foundation which annually or more frequently contributes all of its current net earnings, less a reasonable reserve not to exceed one thousand dollars for anticipated expenses and future contributions, to organizations which are organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, shall itself be deemed organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals and shall be exempt from taxation under this Part; provided that said corporation, community chest, fund, or foundation is not engaged in the active conduct of trade or business, no part of its net earnings inures to the benefit of any private shareholder or individual and no substantial part of its activities is carrying on propaganda or otherwise attempting to influence legislation.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.521. Farmers' cooperatives; all cooperatives

RS 47:287.521 - Farmers' cooperatives; all cooperatives
A. Farmers' cooperatives.
An organization described under federal law as a farmer's cooperative shall be exempt from income taxation under this Part to the extent such organization is exempt from income tax at federal law.
B. All cooperatives.
(1) Any cooperative taxable under federal law shall be taxed under this Part on its Louisiana taxable income.
(2) For purposes of this Subsection:
(a) "Net income" means the taxable income of a cooperative determined in accordance with federal law applicable to cooperatives and their patrons.
(b) "Gross income" and "deductions from gross income" have the same meanings herein as in federal law pertaining to cooperatives and their patrons.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.526. Shipowners' protection and indemnity associations

RS 47:287.526 - Shipowners' protection and indemnity associations
There shall not be included in gross income the receipts of shipowners' mutual protection and indemnity associations which are not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder; but such corporations shall be subject to the tax imposed by this Part on their Louisiana taxable income from interest, dividends, and rents earned within or derived from sources within this state, for a taxable year, the same as any nonexempt corporation.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.527. Political organizations

RS 47:287.527 - Political organizations
A. A political organization as defined under federal law shall be subject to taxation under this Part as provided in this Section.
B. A political organization shall be taxed under this Part on its Louisiana taxable income.
C. For purposes of this Section:
(1) "Net income" means political organization taxable income determined in accordance with federal law applicable to political organizations.
(2) "Gross income" and "deductions from gross income" have the same meaning herein as in federal law pertaining to political organizations.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.528. Homeowners' associations

RS 47:287.528 - Homeowners' associations
A. A homeowner's association as defined under federal law shall be subject to taxation under this Part as provided in this Section.
B. A homeowner's association shall be taxed under this Part on its Louisiana taxable income.
C. For purposes of this Section:
(1) "Net income" means a homeowner's association taxable income determined in accordance with federal law applicable to homeowners' associations.
(2) "Gross income" and "deductions from gross income" have the same meaning herein as in federal law pertaining to homeowners' associations.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.601. Notice or regulations requiring records, statements, and special returns

RS 47:287.601 - Notice or regulations requiring records, statements, and special returns
Every person liable for any tax imposed by this Part, or for the collection thereof, shall keep such records, render such statements, make such returns, and comply with such rules and regulations as the secretary may from time to time prescribe. Whenever in the judgment of the secretary it is necessary, he may require any person, by notice served upon such person or by regulations, to make such returns, render such statements, or keep such records as the secretary deems sufficient to show whether or not such person is liable for tax under this Part.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.611. General requirement of return, statement, or list

RS 47:287.611 - General requirement of return, statement, or list
Any person made liable for the tax imposed by this Part shall make a return or statement according to the forms and regulations prescribed by the secretary. Every person required to make a return or statement shall include therein the information required by such forms or regulations.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.612. Corporation returns

RS 47:287.612 - Corporation returns
Every corporation subject to taxation under this Part shall make a return stating specifically the items of its gross income and the deductions and credits allowed under this Part. The return shall be verified or shall contain a written declaration by the president, vice president, treasurer, assistant treasurer, chief accounting officer, or any other officer duly authorized so to act that it is made under the penalties imposed for false swearing. In cases where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall make returns for such corporations in the same manner and form as corporations are required to make returns. Any tax due on the basis of such returns made by receivers, trustees, or assignees shall be collected in the same manner as if collected from the corporations of whose business or property they have custody and control.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.613. Alternative forms and instructions

RS 47:287.613 - Alternative forms and instructions
In addition to the returns authorized and required in this Part the secretary is authorized to prescribe such alternative forms and instructions as he deems practicable for the purpose of simplifying compliance. Such forms and instructions may contain arithmetical short-cuts and abbreviated formulae which do not precisely track the computational scheme of this Part, provided that the use of such forms remains optional.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.621. Failure to file; penalty

RS 47:287.621 - Failure to file; penalty
The intentional failure to file a return with the secretary in accordance with the requirements of this Part and within the time periods specified in R.S. 47:287.614 shall be punished by a fine of not more than five hundred dollars or by imprisonment for not more than six months, unless approval for a delay in filing is authorized by the secretary of the Department of Revenue in writing and in addition the penalties set forth in R.S. 47:1602 shall be invoked. The penalties provided for in this Section shall not be applicable if said return is filed within ninety days of the final date for filing as provided in R.S. 47:287.614.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 1997, No. 658, §2.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.623. Period covered by returns or other documents

RS 47:287.623 - Period covered by returns or other documents
When not otherwise provided for by this Part, the secretary may prescribe the period for which, or the date as of which, any return, statement, or other document required by this Part shall be made.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.625. Computations on returns or other documents

RS 47:287.625 - Computations on returns or other documents
A. Amounts shown on Department of Revenue forms. The secretary is authorized to provide, with respect to any amount required to be shown on a form prescribed for any return, statement, or other document, that if such amount of such item is other than a whole-dollar amount, either:
(1) The fractional part of a dollar shall be disregarded; or
(2) The fractional part of a dollar shall be disregarded unless it amounts to one-half dollar or more, in which case the amount, determined without regard to the fractional part of a dollar, shall be increased by one dollar.
B. Election not to use whole dollar amounts. Any person making a return, statement, or other document shall be allowed to make such return, statement, or other document without regard to Subsection A.
C. Inapplicability to computation of amount. The provisions of Subsections A and B shall not be applicable to items which must be taken into account in making the computations necessary to determine the amount required to be shown on a form, but shall be applicable only to such final amount.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 1997, No. 658, §2.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.627. Identifying number; information

RS 47:287.627 - Identifying number; information
A. Inclusion of identifying numbers in returns. Any corporation required under the authority of this Part to make a return, statement, or other document shall include in such return, statement, or other document such identifying number as may be prescribed for securing proper identification of such corporation.
B. Requirement of information. For purposes of this Section, the secretary is authorized to require such information as may be necessary to assign an identifying number to any corporation.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.641. Due date of tax

RS 47:287.641 - Due date of tax
The tax imposed by this Part shall be due in each case on the day next following the last day of each taxable year. The filing of returns and payment of taxes shall be as provided in this Part.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:287.651. Payment of tax

RS 47:287.651 - Payment of tax
A. Time of payment.
(1) The total amount of tax on a calendar year return imposed by this Part shall be paid on the fifteenth day of May following the close of the calendar year, or, if a calendar year return is filed before said due date, then the tax shall be paid when the return is filed; and, if the return is on the basis of a fiscal year, then the total amount of tax shall be paid on the fifteenth day of the fifth month following the close of the fiscal year, or, if a fiscal year return is filed before said due date, then the tax shall be paid when the return is filed.
(2) Notwithstanding the provisions of Paragraph (1) of this Subsection, the total amount of tax imposed by this Part on organizations described in I.R.C. Section 501 on a calendar year return shall be paid on the fifteenth day of June following the close of the calendar year, or, if a calendar year return is filed before said due date, then the tax shall be paid when the return is filed; and, if the return is on the basis of a fiscal year, then the total amount of tax shall be paid on the fifteenth day of the sixth month following the close of the fiscal year, or, if a fiscal year return is filed before said due date, then the tax shall be paid when the return is filed.
(3) The full amount of tax disclosed by the return as filed shall constitute an assessment at that time and shall be recorded as an assessment in the records of the secretary.
B. Voluntary advance payment. A tax imposed by this Part or any installment thereof may be paid at the election of the taxpayer prior to the date prescribed for its payment.
C. Receipts. The secretary, upon any payment of any tax imposed by this Part, shall upon request give to the person making such payment a full written or printed receipt therefor.
D. Form of payment. All payments of taxes under this Part shall be made payable to the secretary of revenue; and the amount may be paid by check, bank draft, post office money order, express money order, electronic funds transfer, or credit or debit cards.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 2001, No. 1032, §15; Acts 2010, No. 214, §1; Acts 2016, No. 661, §1, eff. June 17, 2016.
NOTE: See Acts 2016, No. 661, §3, regarding applicability.