2020 Louisiana Laws
Revised Statutes
Title 47 - Revenue and Taxation
§298. Federal taxes on exempt income and limitations on the tax under this Chapter
RS 298 - Federal taxes on exempt income and limitations on the tax under this Chapter
A. Individuals who exclude from their return exempt income must reduce the amount of the federal income tax deduction by the amount of federal income tax applicable to the exempt income. The amount of federal taxes applicable to exempt income shall be determined, at the option of the taxpayer, by either of the following alternate means:
(1) By dividing the amount of the exempt income by the adjusted gross income, and multiplying that amount by the amount of the federal tax liability.
(2) By use of the following table:
Amount of | Federal Income Tax Deemed |
Exempt Income | Applicable to Exempt Income |
Below $15,000 | None |
$15,000-$50,000 over $50,000 | $8,750 plus 40% of the excess of $50,000 |
B, C. Repealed by Acts 1983, 2nd Ex.Sess., No. 1, §3, eff. Dec. 19, 1983.
Acts 1980, No. 316, §1. Amended by Acts 1982, No. 788, §1. Acts 1983, 2nd Ex.Sess., No. 1, §3, eff. Dec. 19, 1983.