HLS 15RS-795 ORIGINAL
2015 Regular Session
HOUSE BILL NO. 575
BY REPRESENTATIVE STOKES
TAX/CORP INCOME: Provides relative to the state tax levied on corporation income
1 AN ACT
2To amend and reenact R.S. 47:32(C), relative to rates of tax; to provide for a flat state tax
3 levied on corporation income; and to provide for related matters.
4Be it enacted by the Legislature of Louisiana:
5 Section 1. R.S. 47:32(C) is hereby amended and reenacted to read as follows:
6 ยง32. Rates of tax
7 * * *
8 C. On corporations. The tax to be assessed, levied, collected, and paid upon
9 the net income of every corporation shall be computed at the rate of: five percent of
10 net income.
11 (1) Four percentum upon the first twenty-five thousand dollars of net
12 income.
13 (2) Five percentum upon the amount of net income above twenty-five
14 thousand dollars but not in excess of fifty thousand dollars.
15 (3) Six percentum on the amount of net income above fifty thousand dollars
16 but not in excess of one hundred thousand dollars.
17 (4) Seven percentum on the amount of net income above one hundred
18 thousand dollars but not in excess of two hundred thousand dollars.
19 (5) Eight percentum on all net income in excess of two hundred thousand
20 dollars.
Page 1 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 15RS-795 ORIGINAL
HB NO. 575
1 Section 2. This Act shall take effect and become operative if and when the proposed
2amendment of Article VII of the Constitution of Louisiana contained in the Act which
3originated as House Bill No._____ of this 2015 Regular Session of the Legislature is adopted
4at a statewide election and becomes effective.
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 575 Original 2015 Regular Session Stokes
Abstract: Modifies the corporate tax rate for state tax levied on corporation income from
a tiered rate schedule to a flat 5% rate.
Present law provides the following tax rate for corporate income:
(1)Four percentum upon the first twenty-five thousand dollars of net income.
(2)Five percentum upon the amount of net income above twenty-five thousand dollars
but not in excess of fifty thousand dollars.
(3)Six percentum on the amount of net income above fifty thousand dollars but not in
excess of one hundred thousand dollars.
(4)Seven percentum on the amount of net income above one hundred thousand dollars
but not in excess of two hundred thousand dollars.
(5)
Eight percentum on all net income in excess of two hundred thousand dollars.
Proposed law eliminates the tiered tax rate schedule and provides a flat 5% tax on corporate
income.
Effective when the proposed amendment of Art. VII of the La. Const. contained in the Act
that originated as House Bill No._____ of this 2015 Regular Session of the Legislature is
adopted and becomes effective.
(Amends R.S. 47:32(C))
Page 2 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.