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ACT No. 623
Regular Session, 2014
HOUSE BILL NO. 465
BY REPRESENTATIVE BROADWATER
AN ACT1
To enact R.S. 47:1967(H), relative to ad valorem tax; to provide with respect to ad valorem2
taxes imposed on certain shares of bank stock; to provide for requirements of the3
Louisiana Legislature; and to provide for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 47:1967(H) is hereby enacted to read as follows: 6
ยง1967. Listing and assessment of bank stock; procedure7
* * *8
H.(1) It is the will of the Louisiana Legislature to ensure that Louisiana9
banks do not become the only corporations in the state subject to a corporate tax.10
Currently, the corporate tax paid by banks is the tax on bank stock provided for in11
this Section, which is paid in lieu of payment of state corporate income taxes12
pursuant to R.S. 47:287.11 et seq. Therefore, if state corporate income tax for13
corporations other than banks under R.S. 47:287.11 et seq. is repealed or reduced,14
the Louisiana Legislature shall provide a commensurate level of tax relief to banks15
paying tax under the provisions of this Section, while identifying a revenue source16
to meet the obligations of local governments to provide necessary services.17
(2) Any action taken by the Louisiana Legislature to comply with the18
provisions of this Subsection shall not result in banks being subject to any new tax,19
fee, or charge that is not applicable to other corporations in the state.20 ENROLLEDHB NO. 465
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(3) For purposes of this Subsection, "banks" or a "bank" means an institution1
insured by the Federal Deposit Insurance Corporation that is subject to taxation2
under this Section.3
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: