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 474 Original 2015 Regular Session Smith
Abstract: Repeals the individual income tax deduction for net capital gains
Present law provides for a credit to tax table income for income from net capital gains, which shall
be limited to gains recognized and treated for federal tax purposes as arising from the sale or
exchange of an equity interest in or substantially all of the assets of a nonpublicly traded corporation,
partnership, limited liability company, or other business organization commercially domiciled in the
state.
Proposed law repeals present law.
(Amends R.S. 47:293(10); Repeals R.S. 47:293(9)(a)(xvii))