2017 Louisiana Laws
Revised Statutes
TITLE 47 - Revenue and Taxation
RS 47:51 - Exclusions from gross income; governmental subsidies
NOTE: §51 eff. until June 30, 2018. See Acts 2015, No. 123, §6.
§51. Exclusions from gross income; governmental subsidies
Seventy-two percent of funds accrued by a corporation engaged in operating a public transportation system from any federal, state or municipal governmental entity to subsidize the operation and maintenance of such a transportation system shall not be included in gross income and shall be exempt from taxation under this Chapter. All expenses of operating the transit system incurred by the corporation shall be deductible in arriving at net income.
NOTE: This Section as enacted by Acts 2015, No. 123, §§3, 6, eff. July 1, 2018.
§51. Exclusions from gross income; governmental subsidies
Funds accrued by a corporation engaged in operating a public transportation system from any federal, state or municipal governmental entity to subsidize the operation and maintenance of such a transportation system shall not be included in gross income and shall be exempt from taxation under this Chapter. All expenses of operating the transit system incurred by the corporation shall be deductible in arriving at net income.
Added by Acts 1979, No. 300, §1; Acts 2015, No. 123, §1, eff. July 1, 2015; Acts 2015, No. 123, §3, eff. July 1, 2018.
NOTE: See Acts 2015, No. 123, §5, re: applicability.
