SLS 10RS-623 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2010
SENATE BILL NO. 321
BY SENATOR QUINN
TAX/TAXATION. Provides for the evidence by which certificates of deposit and cash
deposits may show that they are "qualifying Louisiana investments" for purposes of reducing
insurance premium tax. (7/1/10)
AN ACT1
To amend and reenact R.S. 22:832(C)(1) and (7), relative to insurance premium tax; to2
provide for evidence of qualifying Louisiana investments which reduce such tax; and3
to provide for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 22:832(C)(1) and (7) are hereby amended and reenacted to read as6
follows: 7
ยง832. Reduction of tax when certain investments are made in Louisiana8
* * *9
C. For the purposes of this Part, "a qualifying Louisiana investment" is10
hereby defined as:11
(1) Certificates of deposit issued in Louisiana by any bank or savings and12
loan association or savings bank, any of which are operating in the state of Louisiana13
or a trust company operating in the state of Louisiana with a main office or one or14
more branches where the trust company holds such funds in trust and invests them15
in certificates of deposit issued by a bank, savings and loan association or savings16
bank operating in the state of Louisiana with a main office or one or more branches.17 SB NO. 321
SLS 10RS-623 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Evidence of this qualifying Louisiana investment may be established by a1
deposit receipt, a bank statement, or a letter or other written document from2
the depository institution verifying that the funds were deposited in Louisiana.3
* * *4
(7) Cash on deposit in an account in Louisiana in any bank or savings and5
loan association, or savings bank, or trust company holding such funds in trust,6
operating in the state of Louisiana with a main office or one or more branches.7
Evidence of this qualifying Louisiana investment may be established by a8
deposit receipt, a bank statement, or a letter or other written document from9
the depository institution verifying that the funds were deposited in Louisiana.10
Section 2. This Act shall become effective on July 1, 2010; if vetoed by the governor11
and subsequently approved by the legislature, this Act shall become effective on July 1,12
2010, or on the day following such approval by the legislature, whichever is later.13
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Riley Boudreaux.
DIGEST
Present law grants a reduction of insurance premium tax based upon the average of the
percentage of the insurer's assets which are invested and maintained in "qualifying Louisiana
investments" at the end of each fiscal quarter for a fiscal year.
Present law defines two of the types of "qualifying Louisiana investments" as certificates of
deposit issued in Louisiana by financial institutions operating in the state or cash on deposit
in an account in Louisiana in a financial institution operating in the state.
Proposed law provides that evidence of these qualifying Louisiana investments may be
established by a deposit receipt, a bank statement, or a letter or other written document from
the depository institution verifying that the funds were deposited in Louisiana.
Effective July 1, 2010.
(Amends R.S. 22:832(C)(1) and (7))