GREEN SHEET REDIGEST
HB 23 2016 First Extraordinary Session Jackson
(KEYWORD, SUMMARY, AND DIGEST as amended by Senate committee
amendments)
TAX/CORP INCOME: Repeals three-year sunset of certain reductions to corporate
income tax deductions, exemptions, and exclusions (Item #12)
DIGEST
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 extends the modifications in present law through the sunset date of the
provisions of the Act that originated as House Bill No. 62 of the 2016 First Extraordinary
Session of the Legislature of Louisiana, if House Bill No. 62 becomes effective.
Effective only if and when the Act that originated as House Bill No. 62 of this 2016 First
Extraordinary Session of the Legislature becomes effective.
(Amends §6 of Act No. 123 of the 2015 R.S. and §7 of Act No. 126 of the 2015 R.S.)
Summary of Amendments Adopted by House
The House Floor Amendments to the engrossed bill:
1. Delete the provisions of proposed law that repealed the sunset provisions of Act
No. 123 of 2015 R.S.
2. Extend the modifications made in Act No. 123 of 2015 R.S. if the Act that
originated as House Bill No. 62 of the 2016 First Extraordinary Session of the
Legislature of Louisiana becomes effective.
Page 1 of 2
Prepared by James Benton. Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Revenue and Fiscal Affairs
to the reengrossed bill
1. Makes technical changes.
2. Makes bill effective only if and when the act which originated as HB62
becomes law.
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Prepared by James Benton.