The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by James Benton.
DIGEST
SB 242 Original 2017 Regular Session Luneau
Present law provides a deduction from corporation income amounts received as dividend income
from certain La. banking corporations, national banking corporations, and from capital stock
associations whose stock is subject to ad valorem taxation.
Proposed law retains present law and adds dividend income received by a regulated group of entities
to the list of dividend income that may be deducted from corporation income.
Proposed law defines "regulated group of entities" to mean a group made up of a parent entity and
other legal entities when the parent entity owns a majority of either the vote or the value of stock,
membership interest, partnership interest, or other ownership interest. Requires at least one of the
members of the group to be regulated by the La. Public Service Commission as either a
telecommunications service provider or an electric utility.
Proposed law defines "legal entities" to include, but not be limited to, corporations, limited liability
companies, partnerships, or any other forms of business organizations.
Effective Jan. 1, 2018.
(Amends R.S. 47:287.71(B)(6))