La. R.S. 47:54 — Deductions from gross income; interest

A. In computing net income, there shall be allowed as deductions all interest paid or accrued within the taxable year on indebtedness except:
(1) On indebtedness incurred or continued to purchase or carry obligations or securities the income from which is wholly exempt by law from the taxes imposed by this Chapter, or
(2) On indebtedness incurred or continued, or the proceeds of which were used, in connection with the purchasing or carrying of an annuity.
B. As used in this section the word "interest" shall mean and include any deferred payment costs or charges, whether designated as interest, service or carrying charges or other charges by whatsoever term designated paid on credit, installment or other types of delayed or deferred payment purchases and other indebtedness.