§55. Deductions from gross income; taxes generally
In computing net income, there shall be allowed as deductions all taxes paid or accrued within the taxable year except:
(1) Taxes imposed by this chapter;
(2) Estate and gift taxes;
(3) Taxes assessed against local benefits of a kind tending to increase the value of the property assessed; but this paragraph shall not exclude the allowance as a deduction of so much of such taxes as is properly allocable to maintenance or interest charges;
(4) Any income taxes paid on net income on which no Louisiana income tax has been paid, and, on which, for any reason whatsoever, no Louisiana income tax will be paid, except income taxes attributable to a difference between credits against net income allowed by R.S. 47:79 and like credits against net income allowed in the law under which such income taxes are paid; and
(5) Federal taxes except social security taxes based on income, including but not limited to, net income, war profits, excess profits, accumulated earnings and personal holding company taxes paid or accrued for any taxable period beginning in 1970, 1971 or 1972.
Amended by Acts 1970, No. 258, §1; Acts 1974 No. 188, §1; Acts 2010, No. 175, §5; Acts 2016, 1st Ex. Sess., No. 30, §1.
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