This text of Louisiana § 47:297.3 (Exclusion from income; S Bank shareholder non-taxable income) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
A. For taxable periods beginning after December 31, 2002, an S Bank shareholder may exclude from Louisiana tax table income an amount equal to the S Bank shareholder's non-taxable income as defined in Subsection B of this Section.
B. For purposes of this Section, the following terms shall have the meanings ascribed to them in this Subsection, unless the context clearly indicates a different meaning:
(1)"Bank" means a financial institution identified in R.S. 47:287.501(B)(1) or an entity that owns one hundred percent of a financial institution identified in R.S. 47:287.501(B)(1).
(2)"S Bank" means a bank, as defined in this Subsection, that is classified as an S corporation under Subchapter S of the Internal Revenue Code.
(3)"S Bank shares tax" means the ad valorem tax imposed on shares
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A. For taxable periods beginning after December 31, 2002, an S Bank shareholder may exclude from Louisiana tax table income an amount equal to the S Bank shareholder's non-taxable income as defined in Subsection B of this Section.
B. For purposes of this Section, the following terms shall have the meanings ascribed to them in this Subsection, unless the context clearly indicates a different meaning:
(1) "Bank" means a financial institution identified in R.S. 47:287.501(B)(1) or an entity that owns one hundred percent of a financial institution identified in R.S. 47:287.501(B)(1).
(2) "S Bank" means a bank, as defined in this Subsection, that is classified as an S corporation under Subchapter S of the Internal Revenue Code.
(3) "S Bank shares tax" means the ad valorem tax imposed on shares of stock of S Banks in accordance with Part III of Chapter 3 of Subtitle III of this Title.
(4) "S Bank shareholder" means a person who is an eligible shareholder of an S Bank under the provisions of §1361 of the Internal Revenue Code.
(5) "S Bank non-taxable income" means the portion of the income reported by an S Bank on Form 1120S Schedule K-1, or equivalent document, and which is attributable to the net earnings used to compute the S Bank's shares tax as provided in R.S. 47:1967.
C. Notwithstanding any law to the contrary, the amount of the exclusion shall be subject to adjustments to the Federal Form 1120S Schedule K-1, or equivalent document, as a result of amendments or federal audit.