Louisiana Revised Statutes 47:51 – 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
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Terms Used In Louisiana Revised Statutes 47:51
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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 and §3, eff. July 1, 2018.
NOTE: See Acts 2015, No. 123, §5, re: applicability.
NOTE: See Acts 2018, 2nd E.S., No. 4, §1, re: applicability.