Key portions of Louisiana tax overhaul win approval in House
14 hours ago · To pay for the lower income tax rate, Louisiana would add sales taxes to 40 types of services and digital goods. Additionally, other legislation in the package would renew an expiring 0.45% state sales tax, end the state’s many sales tax exemptions and eliminate tax breaks for movie production, manufacturing jobs and other industries.
Louisiana House greenlights Gov. Jeff Landry’s tax cuts - AP News
1 day ago · BATON ROUGE, La. (AP) — Louisiana’s GOP-dominated House of Representatives on Tuesday overwhelmingly passed individual and corporate tax cuts, along with a constitutional amendment — all key provisions in Gov. Jeff Landry’s sweeping tax reform package, the centerpiece of the state’s third special legislative session of the year.. The House voted 87-12 to flatten individual income tax ...
What Louisiana's Proposed Tax Code Changes Could Mean for You
18 hours ago · Flat Income Tax Rate. Current System: Louisiana has a graduated tax rate system for individuals: 1.85% on the first $12,500 of net income. 3.5% on the next $37,500. 4.25% on net income exceeding $50,000. Proposed Change: Replace the graduated rates with a single, flat 3% tax rate for individuals, estates, and trusts.
Louisiana House Greenlights Gov. Jeff Landry's Tax Cuts - U.S. News ...
1 day ago · BATON ROUGE, La. (AP) — Louisiana's GOP-dominated House of Representatives on Tuesday overwhelmingly passed individual and corporate tax cuts, along with a constitutional amendment — all key ...
Louisiana lawmakers advance Gov. Landry's corporate tax cut bill
2 days ago · BATON ROUGE-The House Ways and Means Committee took steps Sunday toward achieving the governor’s tax overhaul by advancing a bill to cut the corporate income tax rate, now one of the highest in the nation, in stages from 7.5% to 3.5%. The full House voted 69-6 to send the plan to the House Appropriations Committee for further consideration.
Louisiana Tax Reforms Would Be Win for Personal Income Tax …
1 day ago · Louisiana Gov. Jeff Landry (R) kicked off the state’s third extraordinary session last week to address the state’s projected $700 million budget shortfall. The legislature faces a big challenge: passing comprehensive tax reform in a short time frame. State lawmakers over the next three weeks will see if they can achieve the large-scale tax ...
Louisiana Lawmakers Advance Gov. Jeff Landry's Tax Cut Bills
5 days ago · BATON ROUGE, La. (AP) — Louisiana lawmakers advanced bills to flatten the state's income tax rate and repeal the corporate franchise tax in a special legislative session focused on a sweeping ...
How Gov. Jeff Landry wants to get rid of Louisiana income tax
6 days ago · The big picture: Landry's reform plan aims at simplifying Louisiana's 50-year-old tax code and eventually bring it in line with other conservative-led states that have no income tax at all, he said. Follow the money: Louisiana's current, tiered tax rate would flatten to 3% over the next fiscal year. Sales taxes would expand under Landry's plan ...
Louisiana Lawmakers Return to Capitol for Special Session …
Nov 6, 2024 · Louisiana News. Best States ... with Gov. Jeff Landry urging them to pass a sweeping tax reform package that he says would make ... Louisiana residents currently pay a 4.25% tax rate on income ...
Landry: Tax reform session an opportunity to make generational …
6 days ago · On Thursday, the House Ways & Means Committee passed HB 1 to lower personal income taxes and HB 3 to eliminate corporate franchise taxes, advancing them to the House. HB 1 simplifies the tax structure to a flat 3% tax rate for those who make more than $12,500 a year. The current rate is 3.5%t for salaries between $12,500 and $50,000.