Section 47:601.1 - Suspension of the corporate franchise tax applicable to small business corporationsA.(1) Notwithstanding any provision of law to the contrary, the state corporation franchise tax levied on corporations at the rate of one dollar and fifty cents for each one thousand dollars, or major fraction thereof, on the first three hundred thousand dollars of taxable capital pursuant to the provisions of R.S. 47:601(A) shall not apply to small business corporations for franchise taxable periods beginning between July 1, 2020, and July 1, 2023.(2) Notwithstanding any provision of law to the contrary, the initial tax levied on corporations or other entities for the first accounting period in which the entity becomes subject to the corporation franchise tax pursuant to the provisions of R.S. 47:611(A) shall not apply to small business corporations for franchise taxable periods beginning between July 1, 2020, and June 30, 2021.B. For purposes of this Section, "small business corporation" means a business that is exercising its charter, or qualified to do business or actually doing business in this state, or owning or using any part or all of its capital, plant, or any other property in this state, that is subject to the corporation franchise tax, and that has taxable capital of one million dollars or less.La. Revenue and Taxation § 47:601.1
Acts 2020 1st Ex. Sess., No. 15, §1, eff. July 13, 2020; Acts 2021, No. 389, §2, eff. June 16, 2021.Amended by Acts 2021, No. 389,s. 2, eff. 6/16/2021.Added by Acts 2020EX1, No. 15,s. 1, eff. 7/13/2020.See Acts 2020 1st Ex. Sess., No. 15, §2, regarding conflicts with HCR 66 of the 2020 R.S.