2018 Louisiana Laws
Revised Statutes
TITLE 47 - Revenue and Taxation
RS 47:2404 - Property used as measure of tax
§2404. Property used as measure of tax
NOTE: Repealed by Acts 2008, No. 822, §1, eff. Jan. 1, 2010.
A. Except as provided in Subsection (C) of this section and except to the extent of the exemptions provided in R.S. 47:2402 the tax shall be imposed with respect to all property of every nature and kind included or embraced in any inheritance legacy or donation or gift made in contemplation of death, including all immovable property and all tangible movable property physically in the State of Louisiana, whether owned or inherited by, or bequeathed, given or donated to a resident or nonresident, and whether inherited, bequeathed, given or donated under the laws of this state or of any other state or country. The tax shall also be imposed with respect to all movable property, tangible or intangible, owned by residents of the State of Louisiana, wherever situated; provided that the tax shall not be imposed upon any transfer of intangible movable property owned by a person not domiciled in this state at the time of his death.
B. In the event that any real estate is included in the estate of the decedent and is bona fide mortgaged in an amount in excess of fifty per centum of its value, in computing the equity of value of such estate for the purposes of assessing an inheritance tax, the apparent margin between the appraised value of such realty and the mortgage incumbrance thereon shall be reduced by an amount equal to twenty per centum of such encumbrance.
C. Notwithstanding the provisions of this Section or any provision of law, there shall be excluded from the property subject to the tax imposed in this Part any proceeds receivable by any beneficiary, other than the estate of the decedent, under any life insurance policy, or any retirement or pension plan, trust, system, or policy. Retirement or pension plan, trust, system, or policy, as used in this Subsection, means and includes any contract, agreement, or arrangement qualified under Sections 401 and 408 of the Internal Revenue Code under which an annuity or other payment was payable to the decedent or which the decedent possessed the right to receive, either alone or in conjunction with another, for his life.
Amended by Acts 1950, No. 316, §16; Acts 1968, No. 352, §1; Acts 1972, No. 512, §1; Acts 1992, No. 171, §1, eff. June 8, 1992; Acts 2008, No. 822, §1, eff. Jan. 1, 2010.
