Terms Used In Louisiana Revised Statutes 47:611

  • 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.
  • corporation: shall mean a domestic corporation or foreign corporation as provided for in this Section. See Louisiana Revised Statutes 47:601
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fiscal year: as used in this Chapter , means an accounting period of twelve months ending on the last day of any month other than December. See Louisiana Revised Statutes 47:613

NOTE: See HCR 66 of the 2020 R.S. and Acts 2020, 1st Ex. Sess., No. 15, regarding suspension of Subsection A.

            A. Every corporation or other entity subject to the franchise tax shall pay only an initial tax of one hundred ten dollars in the first accounting period or fraction thereof in which it becomes subject to the tax levied herein. The tax is first due immediately on the corporation‘s becoming taxable under this Chapter and is payable on or before the fifteenth day of the fourth month after the month in which the tax is due. After the first closing of the corporate books, the tax is payable as provided in La. Rev. Stat. 47:609, subject to the minimum tax as provided in this Subsection.

            B. Notwithstanding the provisions of this Section, the initial tax of an entity in existence and actually conducting business in Louisiana during its previous calendar or fiscal year shall be calculated pursuant to La. Rev. Stat. 47:609, based on its corporate books on the first day of the calendar or fiscal year in which the tax levied under this Chapter becomes due and shall be payable on or before the date otherwise required by this Section.

            Acts 1991, No. 368, §1, eff. July 6, 1991; Acts 2009, No. 476, §1, eff. for taxable periods beginning after Jan. 1, 2010; Acts 2016, 1st Ex. Sess., No. 12, §2, eff. March 10, 2016; Acts 2018, No. 86, §1, eff. May 10, 2018; HCR 66, 2020 R.S.

            NOTE: See Acts 2016, 1st Ex. Sess., No. 12, §3, regarding applicability.

            NOTE: See Acts 2018, No. 86, §2, re: applicability.

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