DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of
the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of
the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Ritchie HB No. 338
Abstract: Reduces the rate of tax on the taxable income of corporations in La.
Present law provides that the tax to be assessed, levied, collected, and paid on the La. taxable
income of every corporation shall be computed at the following rates:
(1)4% on the first $25,000 of La. taxable income.
(2)5% on La. taxable income above $25,000 but not in excess of $50,000.
(3)6% on La. taxable income above $50,000 but not in excess of $100,000.
(4)7% on La. taxable income above $100,000 but not in excess of $200,000.
(5)8% on all La. taxable income in excess of $200,000.
Proposed law reduces the present law rates for the tax on the taxable income of corporations to
the following:
(1)3% on the first $25,000 of La. taxable income.
(2)4% on La. taxable income above $25,000 but not in excess of $50,000.
(3)5% on La. taxable income above $50,000 but not in excess of $100,000.
(4)6% on La. taxable income above $100,000 but not in excess of $200,000.
(5)7% on all La. taxable income in excess of $200,000.
Effective Jan. 1, 2014, and applicable to all tax years beginning on and after Jan. 1, 2014.
(Amends R.S. 47:32(C) and 287.12)