RS 47:6013

304 words·~1 min read·/la/title-47/47-1313

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

RS 47:6013

§6013. Tax credits for donations made to public schools

A. There shall be allowed a credit against the corporation income tax for qualified donations made to a public school. The credit shall be an amount equal to twenty-eight percent of the appraised value of the qualified donation. Any credit shall be taken as a credit against the corporation income tax for the taxable year in which the donation is made. The total of all such credits taken in a taxable year shall not exceed the total tax liability for that taxable year.

B. For purposes of this Section the following words have the following meanings:

(1)"Corporation" means any business entity authorized to do business in the state of Louisiana and subject to the state corporate income tax.

(2)"Public school" means a public elementary or secondary school.

(3)"Qualified donation" means a donation of immovable property purchased or otherwise acquired by a corporation and donated to a public school immediately adjacent or contiguous to such property.

C. The secretary of the Department of Revenue shall promulgate such rules and regulations as may be necessary to carry out the purposes of this Section.

D. Repealed by Acts 2024, 3rd Ex. Sess., No. 5, §3, eff. Jan. 1, 2025.

Acts 1998, No. 51, §1, eff. July 1, 1998; Acts 2015, No. 125, §2, eff. July 1, 2015; Acts 2015, No. 357, §1, eff. June 29, 2015; Acts 2016, 1 st Ex. Sess., No. 29, §2; Acts 2017, No. 400, §§2, 4, eff. June 26, 2017; Acts 2024, 3rd Ex. Sess., No. 5, §3, eff. Jan. 1, 2025; Acts 2024, 3rd Ex. Sess., No. 6, §1, eff. Jan. 1, 2026.

NOTE: See Acts 2024, 3 rd Ex. Sess., No. 5, §4, regarding applicability to franchise tax periods beginning on or after Jan. 1, 2026.