HLS 161ES-56 ORIGINAL
2016 First Extraordinary Session
HOUSE BILL NO. 23
BY REPRESENTATIVE JACKSON
TAX/CORP INCOME: Repeals three-year sunset of certain reductions to corporate income
tax deductions, exemptions, and exclusions (Item #12)
1 AN ACT
2To amend and reenact Section 6 of Act No. 123 of the 2015 Regular Session of the
3 Legislature and to repeal Sections 3 and 4 of Act No. 123 of the 2015 Regular
4 Session of the Legislature, relative to the sunset of reductions to corporate income
5 tax deductions and exclusions in Act No. 123 of the 2015 Regular Session of the
6 Legislature; to repeal the three-year sunset of the reductions in Act No. 123 of the
7 2015 Regular Session of the Legislature; to provide for an effective date; and to
8 provide for related matters.
9Be it enacted by the Legislature of Louisiana:
10 Section 1. Sections 3 and 4 of Act No. 123 of the 2015 Regular Session of the
11Legislature are hereby repealed in their entirety.
12 Section 2. Section 6 of Act No. 123 of the 2015 Regular Session of the Legislature
13is hereby amended and reenacted as follows:
14 * * *
15 Section 6. The provisions of Sections 1 and 2 of this Act shall become
16 effective on July 1, 2015, and shall remain effective through June 30, 2018. The
17 provisions of Sections 3 and 4 of this Act shall become effective on July 1, 2018.
18 * * *
19 Section 3. This Act shall become effective upon signature by the governor or, if not
20signed by the governor, upon expiration of the time for bills to become law without signature
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 161ES-56 ORIGINAL
HB NO. 23
1by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
2vetoed by the governor and subsequently approved by the legislature, this Act shall become
3effective on the day following such approval.
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 23 Original 2016 First Extraordinary Session Jackson
Abstract: Repeals the three-year sunset on reductions made to certain corporate income tax
deductions and exclusions in Act No. 123 of the 2015 R.S.
Present law sunsets on June 30, 2018, the 28% reductions made in Act No. 123 of the 2015
R.S. to the following corporate income tax deductions and exclusions:
(1)R.S. 47:51 Exclusions from gross income; governmental subsidies
(2)R.S. 47:158 Basis for depletion (oil and gas wells)
(3)R.S. 47:246 Corporations; deduction from net income from La. sources
(4)R.S. 47:287.71 Modifications to federal gross income
(5)R.S. 47:287.73 Modifications to deductions from gross income allowed by federal
law
(6)R.S. 47:287.86 Net operating loss deduction
(7)R.S. 47:287.738 Other inclusions and exclusions from gross income
(8)R.S. 47:287.745 Deductions from gross income; depletion
(9)R.S. 51:3092 Corporation income and franchise tax exemption
Proposed law repeals the three-year sunset of the modifications in present law making the
28% reductions permanent.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends §6 of Act No. 123 of the 2015 R.S.; Repeals §§3 and 4 of Act No. 123 of the 2015
R.S.)
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.