La. R.S. 47:287.95 — Determination of Louisiana apportionment percent

A. Air transportation. (1) Except as provided for in Paragraph (2) of this Subsection,
the Louisiana apportionment percent of any taxpayer whose net apportionable income is
derived primarily from the business of transportation by aircraft shall be the arithmetical
average of two ratios, as follows:
(a) The ratio of the value of immovable and corporeal movable property, other than
aircraft, owned by the taxpayer and located in Louisiana to the value of all immovable and
corporeal movable property, other than aircraft, owned by the taxpayer and used in the
production of apportionable income.
(b) The ratio of the amount of gross apportionable income derived from Louisiana
sources to the total gross apportionable income of the taxpayer.
(2) For taxable periods beginning on or after January 1, 2016, and for the purpose
of this Subsection, the Louisiana apportionment percent of any taxpayer whose net
apportionable income is derived primarily from the business of transportation by aircraft
shall be computed by means of a single ratio consisting of the ratio provided for in
Subparagraph (1)(b) of this Subsection.
(3) For the purposes of this Subsection, gross apportionable income from Louisiana
sources shall include all gross receipts derived from passenger journeys and cargo shipments
originating in Louisiana and any other items of gross apportionable income or receipts
derived entirely from sources in this state.
B. Pipeline transportation. The Louisiana apportionment percent of any taxpayer
whose net apportionable income is derived primarily from the business of transportation by
pipeline shall be computed by means of the ratios provided in Subsection F of this Section.
C. Other transportation. (1)(a) Except as provided in Subparagraph (b) of this
Paragraph, the Louisiana apportionment percent of any taxpayer whose net apportionable
income is derived primarily from the business of transportation, other than by aircraft or
pipeline, shall be the arithmetical average of two ratios, as follows:
(i) The ratio of the value of immovable and corporeal movable property owned by
the taxpayer and located in Louisiana to the value of all immovable and corporeal movable
property owned by the taxpayer and used in the production of apportionable income.
(ii) The ratio of the amount of gross apportionable income from Louisiana sources
to the total amount of gross apportionable income of the taxpayer.
(b) For taxable periods beginning on or after January 1, 2016, and for the purpose
of this Subsection, the Louisiana apportionment percent of any taxpayer whose net
apportionable income is derived primarily from the business of transportation, other than by
aircraft or pipeline, shall be computed by means of a single ratio consisting of the ratio
provided for in Item (a)(ii) of this Paragraph.
(c) For the purposes of this Subsection, the gross apportionable income from
Louisiana sources shall include all such income that is derived entirely from sources within
the state and a portion of revenue from transportation partly without and partly within this
state, to be prorated subject to rules and regulations of the secretary, who shall give due
consideration to the proportion of service performed in Louisiana.
(d) For the purposes of this Subsection, the value of immovable and corporeal
movable property owned by the taxpayer and used in Louisiana shall include the value of all
such property regularly situated in this state, plus a pro rata of the value of all rolling stock
and other mobile equipment owned by the taxpayer and used in the production of
apportionable income, whether within or without this state, said proration to be made subject
to rules and regulations of the secretary, who shall give due consideration to the mileage
operated and traffic density within and without this state.
(2)(a) Notwithstanding any other provisions of this Part to the contrary, this
Subsection shall not require the apportionment of income to this state of any trucking
company whose Louisiana net income is derived solely from the business of transportation
by truck if during the course of the income tax year:
(i) It does not own or rent any real or personal property in this state, except mobile
property.
(ii) It makes no pickups or deliveries within this state.
(iii) It makes no more than twelve trips into this state.
(b) As used in this Paragraph, the term "trucking company" means a motor carrier
as defined by the provisions of R.S. 32:1(37) or R.S. 45:162(10), or an express carrier which
primarily transports the tangible personal property of others by motor vehicle for
compensation.
D. Service enterprises. (1) Except as provided in Paragraph (2) of this Subsection,
the Louisiana apportionment percent of any taxpayer whose net apportionable income is
derived primarily from a service business in which the use of property is not a substantial
income-producing factor shall be the arithmetical average of two ratios, as follows:
(a) The ratio of the amount paid by the taxpayer for salaries, wages, and other
compensation for personal services rendered in Louisiana to the total amount paid by the
taxpayer for salaries, wages, and other compensation for personal services in connection with
the production of the net apportionable income.
(b) The ratio of the gross apportionable income of the taxpayer from Louisiana
sources to the total gross apportionable income of the taxpayer.
(2) For taxable periods beginning on or after January 1, 2016, and for the purpose
of this Subsection, the Louisiana apportionment percent of any taxpayer whose net
apportionable income is derived primarily from a service business in which the use of
property is not a substantial income-producing factor shall be computed by means of a single
ratio consisting of the ratio provided for in Subparagraph (1)(b) of this Subsection.
(3) For the purposes of this Subsection, the gross apportionable income from
Louisiana sources shall include the revenue from services sourced to this state, and any other
gross income derived entirely from sources within this state.
E. Oil and gas.
(1) For taxable periods beginning on or after January 1, 2016, for the purpose of this
Subsection, the Louisiana apportionment percent of any taxpayer whose net apportionable
income is derived primarily from the exploration, production, refining, or marketing of oil
and gas shall be the arithmetical average of four ratios, as follows:
(a) The ratio of the value of the immovable and corporeal movable property owned
by the taxpayer and located in Louisiana to the value of all immovable and corporeal
movable property owned by the taxpayer and used in the production of the net apportionable
income.
(b) The ratio of the amount paid by the taxpayer for salaries, wages, and other
compensation for personal services rendered in this state to the total amount paid by the
taxpayer for salaries, wages, and other compensation for personal services in connection with
the production of net apportionable income.
(c) The ratio of net sales made in the regular course of business and other gross
apportionable income attributable to this state to the total net sales made in the regular course
of business and other gross apportionable income of the taxpayer. The ratio of net sales as
provided in this Subparagraph shall be double-weighted or counted twice.
(2) For purposes of this Subsection, "exploration, production, refining, or marketing
of oil and gas" shall mean:
(a) Any taxpayer whose income is primarily derived from the production or sale of
unrefined oil and gas.
(b) Any taxpayer defined as an integrated oil company per the United States Internal
Revenue Code - 26 U.S.C. 291(b)(4), or integrated oil companies that refine, produce, and
have marketing operations, whose income in Louisiana is principally derived from
production and sale of unrefined oil and gas, and who also engage in significant marketing
of refined petroleum products in Louisiana. Provided, any taxpayer, whose activities during
the taxable year do not include any "gross receipts from retail sales of oil and/or natural gas",
or any "refinery activities of oil and/or natural gas", will not be considered as an integrated
oil company for Louisiana tax purposes, notwithstanding such taxpayer may be a "related
party" or a "member of the federal consolidated group" under the United States Internal
Revenue Code.
F. Manufacturing, merchandising, and other business. (1) Except as provided in this
Subsection, the Louisiana apportionment percent of any taxpayer whose net apportionable
income is derived primarily from the business of transportation by pipeline or from any
business not included in Subsections A through E of this Section shall be the arithmetical
average of three ratios, as follows:
(a) The ratio of the value of the immovable and corporeal movable property owned
by the taxpayer and located in Louisiana to the value of all immovable and corporeal
movable property owned by the taxpayer and used in the production of the net apportionable
income.
(b) The ratio of the amount paid by the taxpayer for salaries, wages, and other
compensation for personal services rendered in this state to the total amount paid by the
taxpayer for salaries, wages, and other compensation for personal services in connection with
the production of net apportionable income.
(c) The ratio of net sales made in the regular course of business and other gross
apportionable income attributable to this state to the total net sales made in the regular course
of business and other gross apportionable income of the taxpayer.
(2)(a) For taxable periods beginning on or after January 1, 1997, and ending on or
before December 31, 2005, and for the purpose of this Subsection, the Louisiana
apportionment percent of any taxpayer whose net apportionable income is derived primarily
from the business of manufacturing or merchandising shall be computed by means of the
ratios provided in Subparagraphs (1)(a) through (c) of this Subsection, except that the ratio
of net sales as provided in Subparagraph (c) shall be double-weighted or counted twice, and
the Louisiana apportionment percent shall be the arithmetical average of the four ratios.
(b)(i) For taxable periods beginning on or after January 1, 2006, and for the purpose
of this Subsection, the Louisiana apportionment percent of any taxpayer whose net
apportionable income is derived primarily from the business of manufacturing or
merchandising shall be computed by means of a single ratio consisting of the ratio provided
for in Subparagraph (1)(c) of this Subsection.
(ii) For taxable periods beginning on or after January 1, 2016, and for the purpose
of this Subsection, the Louisiana apportionment percent of any taxpayer whose net
apportionable income is derived primarily from transportation by pipeline or from any
business not included in Subsections A through E of this Section shall be computed by
means of a single ratio consisting of the ratio provided for in Subparagraph (1)(c) of this
Subsection.
(c) The term "business of manufacturing or merchandising" shall only include a
taxpayer whose net apportionable income is derived primarily from the manufacture,
production, or sale of tangible personal property. The term "business of manufacturing or
merchandising" shall not include:
(i) A taxpayer subject to the tax imposed pursuant to Chapter 8 of Subtitle II of this
Title.
(ii) Any taxpayer whose income is primarily derived from the production or sale of
unrefined oil and gas.
(iii) Any taxpayer defined as an integrated oil company per the United States Internal
Revenue Code - 26 U.S.C. 291(b)(4), or integrated oil companies that refine, produce, and
have marketing operations, whose income in Louisiana is principally derived from
production and sale of unrefined oil and gas, and who also engage in significant marketing
of refined petroleum products in Louisiana. Provided, any taxpayer, whose activities during
the taxable year do not include any "gross receipts from retail sales of oil and/or natural gas",
or any "refinery activities of oil and/or natural gas", will not be considered as an integrated
oil company for Louisiana tax purposes, not withstanding such taxpayer may be a "related
party" or a "member of the federal consolidated group" under the United States Internal
Revenue Code.
(3) For the purpose of this Subsection, sales attributable to this state shall be all sales
where the goods, merchandise, or property is received in this state by the purchaser. In the
case of delivery of goods by common carrier or by other means of transportation, including
transportation by the purchaser, the place at which the goods are ultimately received after all
transportation has been completed shall be considered as the place at which the goods are
received by the purchaser. However, direct delivery into this state by the taxpayer to a
person or firm designated by a purchaser from within or without the state shall constitute
delivery to the purchaser in this state. For purposes of sales of aircraft manufactured or
assembled in this state, the place at which the aircraft is ultimately received shall be the place
the aircraft is to be primarily stored when not in use.
(4) For the purpose of this Subsection, salaries, wages, and other compensation for
personal services paid by a taxpayer whose principal office is located in Louisiana to officers
and employees responsible for the direction and supervision of operations of the taxpayer
partly within and partly without Louisiana and salaries, wages, and other compensation for
personal services paid to general office employees whose duties pertain to the operations of
the taxpayer partly within and partly without Louisiana shall be allocated in part to this state
on the basis of the ratio of the amount of direct operating salaries, wages, and other
compensation for services rendered in Louisiana to the total of such direct operating salaries,
wages, and other compensation paid in connection with the production of net apportionable
income.
(5) For the purpose of this Subsection, gross apportionable income attributable to this
state derived from the transportation of crude petroleum, natural gas, petroleum products, or
other commodities for others through pipelines shall include all gross revenue derived from
operations entirely within this state plus a portion of any revenue from operations partly
within and partly without this state, based upon the ratio of the number of units of
transportation service performed in Louisiana in connection with such revenue to the total
of such units. A unit of transportation service shall be the transporting of any designated
quantity of crude petroleum, natural gas, petroleum products, or other commodities for any
designated distance. All other classes of gross apportionable income shall be prorated within
or without this state on the basis of such ratio or ratios, prescribed by the secretary, as may
be reasonably applicable to the type of business involved.
G. Value. For the purposes of this Section, the value at which immovable and
corporeal movable property should be included in the apportionment factor is the average of
the beginning and close of year values on a comparable basis within and without the state.
If the average at the beginning and end of the year does not fairly represent the average of the
property owned during the year, the average may be obtained by dividing the sum of the
monthly balances by twelve. For the purposes of this Section, the value of property is
deemed to be cost to the taxpayer less a reasonable reserve for depreciation, depletion, and
obsolescence. Such reserves, reflected on the books of the taxpayer, shall be used in
determining value, subject to the right of the secretary to adjust the reserves when in his
opinion such action is necessary to reflect the fair value of the property.
H. Repealed by Acts 2024, 3rd Ex. Sess., No. 5, §3, eff. Jan. 1, 2025.
I. Repealed by Acts 2002, No. 16, §2, eff. June 7, 2002.
J. Corporations utilizing common paymaster. (1) For purposes of this Section, a
parent corporation or any other member of the same affiliated group of corporations serving
as common paymaster for payroll purposes shall eliminate all payrolls from the numerator
and denominator of its salary, wages, and other compensation factor computation that
represent the amounts paid on behalf of affiliated corporations for which it has charged such
affiliate the cost and that does not meet the definition of salary, wages, and other
compensation insofar as the common paymaster is concerned. A subsidiary or other member
of an affiliated group that is a member of or participant in a common paymaster plan for
payroll purposes shall include in its numerator and denominator of the salary, wages, and
other compensation factor computation amounts paid to a common paymaster as
reimbursement in whatever form and by whatever label for salary, wages, and other
compensation as defined.
(2) For purposes of this Section, "salary, wages, and other compensation" means
remuneration paid or caused to be paid to employees for personal services. Payments made
to an independent contractor or any other person not properly classifiable as an employee are
excluded.
(3) For purposes of this Section, "employee" means any officer of a corporation, or
any individual who has the status of an employee in an employer-employee relationship.
Generally, a person will be considered to be an employee if he is included by the taxpayer
as an employee for purposes of the payroll taxes imposed by the Federal Insurance
Contributions Act.
K. Attribution of revenue from television, radio, and other broadcasting.
(1) Definitions. For the purposes of this Subsection, the following terms have the
following meanings unless the context clearly indicates otherwise:
(a) "Broadcast" means transmission by an electronic or other signal conducted by
radio waves or microwaves or by wires, lines, coaxial cables, wave guides, fiber optics,
satellite transmissions directly or indirectly to viewers and listeners, or by any other means
of communications.
(b) "Commercial domicile" shall mean the state where management decisions are
implemented, which is presumed to be the state where the taxpayer conducts its principal
business and thereby benefits from public facilities provided by that state. The location of
board of directors' meetings is not presumed to create a commercial domicile at that location.
(c) "Customer" shall mean a business or party, such as an advertiser or licensee, that
has a contract or agreement directly with the taxpayer under which revenue is derived by
such taxpayer.
(d) "Film" or "film programming" means all performances, events, or productions
intended to be broadcast for visual perception, including but not limited to news, sporting
events, plays, stories, or other literary, commercial, educational, or artistic works. Each
episode of a series of films shall constitute a separate "film" even if the series relates to the
same principal subject.
(e) "Radio" or "radio programming" means all performances, events, or productions
intended to be broadcast for auditory perception, including but not limited to news, sporting
events, plays, stories, or other literary, commercial, educational, or artistic works. Each
episode of a series of radio programming shall constitute a separate "radio programming"
even if the series relates to the same principal subject.
(f) "Subscriber" means the individual residence or other outlet that is the ultimate
recipient of the transmission.
(2) Gross apportionable income, including license fees, from broadcasting film or
radio programming, whether through the public airwaves, by cable, direct or indirect satellite
transmission, or any other means of communication, either through a network, including
owned and affiliated stations, or through an affiliated, unaffiliated, or independent television
or radio broadcasting station, shall be attributed to this state as follows:
(a) Except as otherwise provided by this Subsection, for purposes of computing the
apportionment percents provided by Subsections A through F of this Section, the amount of
gross apportionable income, including advertising income, attributed to this state from
broadcasting film or radio programming shall be determined by multiplying the total gross
apportionable income from broadcasting film or radio programming, including advertising
revenue, by the audience factor.
(b) For purposes of attributing the gross apportionable income earned by a local
television or radio station, the audience factor shall be determined by the ratio of the
taxpayer's Louisiana viewing or listening audience to their total viewing or listening
audience. The audience factor shall be determined based on the books and records of the
taxpayer or on published rating statistics. However, the method used to determine the
audience factor must be used consistently from year to year and must fairly represent the
taxpayer's activity in Louisiana.
(c)(i) For purposes of attributing the gross apportionable income earned by a cable
television system, satellite television system, or other system, hereinafter referred to
collectively in this Paragraph as "cable or satellite system", under which ultimate viewers or
listeners must pay the cable or satellite system for the right to receive the broadcast, the
audience factor shall be the ratio that the subscribers for that cable or satellite system located
in Louisiana bears to the total subscribers of that cable or satellite system if the payment
entitles the ultimate viewers or listeners to continuous reception of programming during a
subscription period.
(ii) If the number of subscribers cannot be accurately determined from the taxpayer's
books and records, the audience factor shall be determined based on the applicable year's
subscription statistics located in published surveys. However, the source selected to
determine the audience factor must be consistently used from year to year and must fairly
represent the taxpayer's activity in Louisiana.
(iii) If the payment entitles the ultimate viewers or listeners to only discrete episodes
or instances of film or radio programming, the audience factor shall be the ratio of the
subscribers for such discrete programming located in Louisiana to the total subscribers for
such discrete programming. If the number of subscribers for such discrete episodes or
instances cannot be accurately determined from the taxpayer's books and records, the
audience factor shall be determined based on statistics located in published surveys.
However, the source selected to determine the audience factor must be consistently used
from year to year and must fairly represent the taxpayer's activity in Louisiana.
(d)(i) For purposes of computing the apportionment percent provided in Subsections
A through F of this Section, the amount of gross apportionable income attributed to this state
from all other film and radio broadcasting shall be determined by multiplying the total gross
apportionable income from such film and radio broadcasting by the ratio of income received
from Louisiana customers to income received from customers everywhere; however, the
gross apportionable income attributable to the state using this ratio shall not be less than
twenty-five percent of the amount which would be attributable if calculated using an
audience factor as defined in Subparagraph (b) of this Paragraph.
(ii) For purposes of this Subparagraph, gross apportionable income includes
advertising income and income from cable or satellite systems and local television and radio
stations. "Louisiana customers" includes cable or satellite systems, local television and radio
stations, and advertisers with a commercial domicile in the state and a contract or agreement
directly with the taxpayer under which revenue is derived by such taxpayer. Notwithstanding
the provisions of Subparagraph (1)(b) of this Subsection, if the taxpayer's customer is a
television or radio station operating in Louisiana, then the commercial domicile of the
customer is deemed to be Louisiana. This provision shall have no impact on the tax filing
position of the customer.
L. Sourcing of certain sales.
(1) Sales other than sales of tangible personal property are to be sourced to this state
if the taxpayer's market for the sale is in this state. The taxpayer's market for a sale is in this
state and the sale is assigned to the state for the purpose of this Section as follows:
(a) In the case of sale of immovable property, if and to the extent the property is
located in the state.
(b) In the case of sale of a service, if and to the extent the service is delivered to a
location in the state. The delivery of a tangible medium representing the output of a service
does not control the sourcing of receipts from the underlying service.
(c) In the case of a sale or exchange of intangible property where the receipts from
the sale or exchange derive from payments that are contingent on the productivity, use, or
disposition of the property, if and to the extent the intangible property is used in the state.
(d) In the case of the sale of intangible property, other than as provided in
Subparagraph (c) of this Paragraph, where the property sold is a contract right, government
license, or similar intangible property that authorizes the holder to conduct a business activity
in a specific geographic area, if and to the extent that the intangible property is used in or
otherwise associated with the state.
(2) In the case where the taxpayer's customer is an individual, the taxpayer shall
source receipts from the sale of a service as follows:
(a) In the case where a taxpayer's customer is a natural person and the service
provided is a direct personal service, the sale shall be sourced to the state where the customer
received the direct personal service.
(b) Services that are not direct personal services that are delivered to customers who
are natural persons with a Louisiana billing address shall be sourced to this state.
(c) In the case where the sourcing methodology specified by Subparagraph (a) or (b)
of this Paragraph fails to clearly reflect the taxpayer's market in this state, the taxpayer may
utilize, or the department may require, the use of other criteria and methodologies that will
reasonably approximate the taxpayer's market in this state. If an alternate approach is utilized,
the taxpayer shall attach to the tax return a detailed explanation of why it was unreasonable
to utilize the methodology specified by Subparagraph (a) or (b) of this Paragraph and an
explanation of the methodology used. If the taxpayer fails to make such a disclosure on the
return, the taxpayer shall be presumed to consent to the sourcing as detailed in Subparagraph
(a) or (b) of this Paragraph as applicable.
(3) In the case where the taxpayer's customer is an entity that is unrelated to the
taxpayer, the taxpayer shall source receipts from the sale of a service as follows:
(a) To the extent a service is provided to an unrelated entity and the service being
provided has a substantial connection to a specific geographic location, the income shall be
sourced to Louisiana if the geographic location is in this state. If the service receipts have
a substantial connection to geographic locations in more than one state, the sales shall be
reasonably sourced between those states.
(b) To the extent a service is provided to an unrelated entity and the service being
provided does not have a substantial connection to a specific geographic location, sales from
services delivered to unrelated entities shall be sourced to the commercial domicile of the
taxpayer.
(c) In the case where the sourcing methodology specified by Subparagraph (a) or (b)
of this Paragraph fails to clearly reflect the taxpayer's market in this state, the taxpayer may
utilize, or the department may require, the use of other criteria and methodologies that will
reasonably approximate the taxpayer's market in this state. If an alternate approach is utilized,
the taxpayer shall attach to the tax return a detailed explanation of why it was unreasonable
to utilize the methodology specified by Subparagraph (a) or (b) of this Paragraph and an
explanation of the methodology used. If the taxpayer fails to make such a disclosure on the
return, the taxpayer shall be presumed to consent to the sourcing as detailed in Subparagraph
(a) or (b) of this Paragraph as applicable.
(d) The secretary shall promulgate rules pursuant to the Administrative Procedure
Act concerning the sourcing of the sales of services between related entities.
(e) As used in this Subsection, a related entity shall include:
(i) A stockholder, or a stockholder's partnership, or juridical person, if the
stockholder and the stockholder's partnerships, or juridical persons, own directly, indirectly,
beneficially, or constructively, including as provided for under 26 U.S.C. 318, in the
aggregate, at least fifty percent of the value of the taxpayer's outstanding stock.
(ii) A corporation, or a party related to the corporation in a manner that would
require an attribution of stock from the corporation to the party or from the party to the
corporation under the attribution rules of 26 U.S.C. 318, if the taxpayer owns, directly,
indirectly, beneficially, or constructively, at least fifty percent of the value of the
corporation's outstanding stock.
(iii) "Related party" means any member of a controlled group of corporations as
defined in 26 U.S.C. 1563, or any other person that would be a member of a controlled group
if rules similar to those in 26 U.S.C. 1563, were applied to that person.
(4) Whenever a taxpayer is subjected to different sourcing methodologies regarding
intangibles or services by the department and one or more other state taxing authorities, the
taxpayer may petition for, and the department shall participate in, and encourage the other
state taxing authorities to participate in, non-binding mediation in accordance with rules
promulgated in accordance with the Administrative Procedure Act.
M. Repealed by Acts 2023, No. 430, §2, eff. Jan. 1, 2024.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986; Acts 1988, No. 841, §1, eff.
July 18, 1988; Acts 1993, No. 690, §1, eff. June 21, 1993; Acts 1996, No. 19, §1, eff. for
taxable years beginning on or after Jan. 1, 1997; Acts 1998, No. 2, §1, eff. for taxable periods
beginning after Dec. 31, 1998; Acts 1998, No. 26, §1, eff. June 24, 1998, applicable to
taxable periods beginning on or after Jan. 1, 1998; Acts 2002, No. 16, §2, eff. June 7, 2002;
Acts 2002, No. 65, §1, eff. for taxable periods beginning after Dec. 31, 2001; Acts 2005, No.
401, §§1, 2, eff. for all taxable periods beginning after Dec. 31, 2005; Acts 2011, No. 381,
§1; Acts 2015, No. 112, §1, eff. June 19, 2015; Acts 2016, 2
nd
Ex. Sess., No. 8, §1, eff. June
28, 2016; Acts 2023, No. 430, §§1, 2, eff. Jan. 1, 2024; Acts 2024, 3rd Ex. Sess., No. 5, §3,
eff. Jan. 1, 2025.
NOTE: Acts 2011, No. 381, §3 provides that the Act is applicable for all
corporate income tax periods beginning on or after Jan 1, 2012, and for all
corporation franchise tax periods beginning on or after Jan. 1, 2013.
NOTE: See Acts 2016, 2nd Ex.Sess., No. 8, §2 regarding applicability.
NOTE: See Acts 2024, 3rd Ex. Sess., No. 5, §4, regarding applicability to franchise
tax periods beginning on or after Jan. 1, 2026.