Louisiana Revised Statutes 47:55 – In computing net income, there shall be allowed as deductions all taxes paid or accrued within the taxable year except:
Terms Used In Louisiana Revised Statutes 47:55
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- paid or accrued: shall be construed according to the method of accounting upon the basis of which the net income is computed under this Chapter. See Louisiana Revised Statutes 47:98
- Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
In computing net income, there shall be allowed as deductions all taxes paid or accrued within the taxable year except:
(1) Taxes imposed by this chapter;
(2) Estate and gift taxes;
(3) Taxes assessed against local benefits of a kind tending to increase the value of the property assessed; but this paragraph shall not exclude the allowance as a deduction of so much of such taxes as is properly allocable to maintenance or interest charges;
(4) Any income taxes paid on net income on which no Louisiana income tax has been paid, and, on which, for any reason whatsoever, no Louisiana income tax will be paid, except income taxes attributable to a difference between credits against net income allowed by La. Rev. Stat. 47:79 and like credits against net income allowed in the law under which such income taxes are paid; and
(5) Repealed by Acts 2021, No. 396, §2, eff. Jan. 1, 2022.
Amended by Acts 1970, No. 258, §1; Acts 1974 No. 188, §1; Acts 2010, No. 175, §5; Acts 2016, 1st Ex. Sess., No. 30, §1; Acts 2021, No. 396, §2, eff. Jan. 1, 2022.