Louisiana Revised Statutes 47:287.526 – Shipowners’ protection and indemnity associations
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Terms Used In Louisiana Revised Statutes 47:287.526
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
There shall not be included in gross income the receipts of shipowners’ mutual protection and indemnity associations which are not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder; but such corporations shall be subject to the tax imposed by this Part on their Louisiana taxable income from interest, dividends, and rents earned within or derived from sources within this state, for a taxable year, the same as any nonexempt corporation.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.