{"data":{"id":"us-la/rs-47-297.3","jurisdiction":"us-la","citation":"RS 47:297.3","heading":"Exclusion from income; S Bank shareholder non-taxable income","body":"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.\nB. 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:\n(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).\n(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.\n(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.\n(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.\n(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.\nC. 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.","path":["TITLE 47. REVENUE AND TAXATION"],"source_url":"https://www.legis.la.gov/legis/Law.aspx?d=101768","current_through":"2025 First Extraordinary Session","vintage":"","retrieved_at":"2026-09-14T05:02:20Z","sha256":"e0236b8668fac07845d7eb365269c3911a3e59c20119dcf1460d69436530f7ae","source_id":"us-la","stale":false,"prev":"us-la/rs-47-297.2","next":"us-la/rs-47-297.4"},"notice":"GroundRules: Original legal text. Not legal advice."}