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      RS 47:32     

  

§32. Rates of tax

            A. On individuals. The tax to be assessed, levied, collected, and paid upon the taxable income of an individual shall be computed at the following rates:

            (1) One and eighty-five one hundredths percent on that portion of the first twelve thousand five hundred dollars of net income which is in excess of the credits against net income provided for in R.S. 47:79.

            (2) Three and one-half percent on the next thirty-seven thousand five hundred dollars of net income.

            (3) Four and twenty-five one hundredths percent on any amount of net income in excess of fifty thousand dollars of net income.

            B. Joint returns of individuals. In the case of a joint return of husband and wife under R.S. 47:101B, the combined tax under Sub-section A of this Section shall be twice the combined tax that would be determined if the net income and the applicable credits against net income provided by R.S. 47:79 were reduced by one-half.

NOTE: Subsection (C) eff. until ratification of the const. amend. proposed by Acts 2021, No. 134; then eff. until Jan. 1, 2022.

            C. On corporations. The tax to be assessed, levied, collected, and paid upon the net income of every corporation shall be computed at the rate of:

            (1) Four percentum upon the first twenty-five thousand dollars of net income.

            (2) Five percentum upon the amount of net income above twenty-five thousand dollars but not in excess of fifty thousand dollars.

            (3) Six percentum on the amount of net income above fifty thousand dollars but not in excess of one hundred thousand dollars.

            (4) Seven percentum on the amount of net income above one hundred thousand dollars but not in excess of two hundred thousand dollars.

            (5) Eight percentum on all net income in excess of two hundred thousand dollars.

            C. On corporations. The tax to be assessed, levied, collected, and paid upon the taxable income of every corporation shall be computed at the rates provided for in R.S. 47:287.12.

            Amended by Acts 1950, No. 445, §1; Acts 1968, No. 106, §2; Acts 1969, No. 124, §1; Acts 1977, 1st Ex.Sess. No. 2, §1; Acts 2002, No. 51, §1, eff. Jan. 1, 2003; Acts 2008, No. 396, §1, eff. June 22, 2008; Acts 2021, No. 395, §1, eff. Jan. 1, 2022; Acts 2021, No. 396, §1, eff. Jan. 1, 2022.



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