Louisiana Revised Statutes 51:2320.2 – Exemption from taxation
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Terms Used In Louisiana Revised Statutes 51:2320.2
- Bonds: means any bond, refunding bond, note, debenture, interim certificate or any bond, grant, or any other evidences of indebtedness of the corporation whether in temporary or in definitive form and whether or not exempt from federal taxation. See Louisiana Revised Statutes 51:2303
- Corporation: means the Louisiana Economic Development Corporation as established in Part II of this Chapter. See Louisiana Revised Statutes 51:2303
- 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.
The effectuation of the authorized purposes of the corporation shall and will be in all respects for the benefit of the people of the state of Louisiana, for the alleviation of their economic and social distress, and for the improvement of their welfare; and since the corporation will, as a government instrumentality of the state, be performing essential governmental functions in effectuating such purposes, the funds, bonds or other evidences of indebtedness issued by the corporation, their transfer and the income therefrom, including any profits made on the sale thereof, shall at all times be free from taxation within the state of Louisiana.
Acts 1992, No. 1136, §1, eff. Jan. 1, 1994.