Louisiana Revised Statutes Tit. 47, § 297.3. Exclusion from income; S Bank shareholder non-taxable income

(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).

(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.

(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.

(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.

(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.