HLS 15RS-407 ORIGINAL
2015 Regular Session
HOUSE BILL NO. 403
BY REPRESENTATIVE STOKES
TAX/CORP FRANCHISE: Repeals the state's corporation franchise tax
1 AN ACT
2To repeal Chapter 5 of Subtitle II of Title 47 of the Louisiana Revised Statutes of 1950,
3 comprised of R.S. 47:601 through 618, relative to corporation franchise tax; and to
4 provide for an effective date.
5Be it enacted by the Legislature of Louisiana:
6 Section 1. Chapter 5 of Subtitle II of Title 47 of the Louisiana Revised Statutes of
71950, comprised of R.S. 47:601 through 618, is hereby repealed in its entirety.
8 Section 2. This Act shall become effective on January 1, 2016, and shall be
9applicable to all tax years beginning on and after January 1, 2016.
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)]
HB 403 Original 2015 Regular Session Stokes
Abstract: Repeals Louisiana's corporation franchise tax.
Present law requires every domestic corporation and every foreign corporation, exercising
its charter, or qualified to do business or actually doing business in this state, or owning or
using any part or all of its capital, plant, or any other property in this state, to pay an annual
tax at the rate of $1.50 for each $1,000, on the first $300,000 of taxable capital and at the
rate of $3.00 for each $1,000, which exceeds $300,000 of taxable capital. The minimum tax
shall not be less than $10 per year.
Proposed law repeals present law relative to the corporation franchise tax.
Effective January 1, 2016, and shall be applicable to all tax years beginning on or after
January 1, 2016.
(Repeals R.S. 47:601-618)
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