Louisiana Franchise Comparison Worksheet
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How to fill out Franchise Comparison Worksheet?
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FAQ
A Louisiana S corporation is a corporation that is legally registered to operate within the state. This type of corporation elects for different taxation than a C corporation, which is the standard formation of a corporation in Louisiana.
Rate of Tax For periods beginning on or after January 1, 2023, $2.75 for each $1,000 or major fraction thereof in excess of $300,000 of capital employed in Louisiana. The initial corporation franchise tax is $110.
Follow these five steps to start a Louisiana LLC and elect Louisiana S corp designation: Name Your Business. Choose a Registered Agent. File the Louisiana Articles of Organization. Create an Operating Agreement. File Form 2553 to Elect Louisiana S Corp Tax Designation.
DOMESTIC CORPORATIONS ? Corporations organized under the laws of Louisiana must file an income and franchise tax return (Form CIFT-620) each year unless exempt from both taxes.
Technically an S Corporation is a pass-through entity but Louisiana income tax law does not recognize Subchapter S corporation status. An S corporation is required to file income tax in the same manner as a C corporation.
Some jurisdictions?the District of Columbia, Louisiana, New Hampshire, New York City, Tennessee, and Texas?do not recognize the federal S corporation election and, for the most part, tax S corporations like other business corporations.
Corporation Income and Franchise Tax The new tax rates are 3.5% on the first $50,000 of net income, 5.5% on the next $100,000 of net income, and 7.5% on the excess over $150,000. Also, some provisions of Act 389 of the 2021 Regular Session of the Louisiana Legislature became effective.
Louisiana also accepts any extension granted by the Internal Revenue Service (IRS). A copy of the extension should be attached to the state return when it is filed.