§1932.  Corporation income and franchise tax exemption

A.  Notwithstanding any other provision of law to the contrary, any corporation that is a certified Louisiana capital company as provided for in this Chapter shall be exempt from the corporation income tax and the corporation franchise tax levied pursuant to Title 47 of the Louisiana Revised Statutes of 1950 for five consecutive taxable periods.  The exemption from the corporation income tax shall commence with the taxable period in which the capital company is certified by the commissioner.  The exemption from the corporation franchise tax shall commence with the taxable period next following the taxable period in which certification as a certified Louisiana capital company is obtained from the commissioner.

B.  In the case of a corporation obtaining certification as a certified Louisiana capital company prior to the beginning of its first taxable period, the exemption from corporation income tax provided for in Subsection A shall commence with the corporation's first taxable period and shall continue through its next four consecutive taxable periods.  The exemption from corporation franchise tax shall commence with the corporation's second taxable period and shall continue through its next four consecutive taxable periods.

Acts 1986, No. 915, §1, eff. for taxable periods after Dec.  31, 1985; Acts 1989, No. 496, §1; Acts 2001, No. 1122, §1, eff. July 1, 2001.