The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Leonore Heavey.
DIGEST
SB 240 Engrossed 2017 Regular Session Riser
Present law provides that in any taxable year, individuals domiciled, residing, or having a permanent
place of abode in Louisiana shall be taxed upon all income from whatever source derived.
Proposed law authorizes an individual income tax exemption for taxpayers who incurred flood or
tornado related disaster losses in 2016 or January or February of 2017 of $10,000 or more.
Proposed law provides that this exemption is only available for the 2017 tax year.
Proposed law provides that the amount of the exemption is $100,000 for married couples filing a
joint income tax return and $50,000 for all other filing statuses.
Proposed law provides that this exemption is available whether or not the taxpayer received any type
of compensation for the flood or tornado related casualty losses.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 47:293(10); adds R.S. 47:293(9)(a)(xviii) and 297.14)
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Revenue and Fiscal Affairs to
the original bill
1. Adds tornados to the disasters to which the deduction applies.
2. Extends deduction to losses incurred through February 28, 2017.