Page 16 - Stuart Bishop News Today

how rather than the how much. If enacted separately, each of the proposed major changes would raise that overall score to 40th, getting Louisiana (barely) out of the bottom 10. If all the proposed changes were implemented, Louisiana would improve to 34th. The proposed changes are: Lowering individual income tax rates; Establishing a flat corporate income tax of 6 percent; Repealing the corporation franchise tax; Eliminating inventory from the property tax base; and Centralizing sales tax colle...

BATON ROUGE — With two weeks of the legislative session complete, Louisianas Republican legislative leaders have speeded ahead with a rewrite of the states tax system, but without a clear consensus yet emerging on the precise approach to take. Across the remaining seven weeks of session, lawmakers will have to settle many hefty, high-dollar issues to strike a deal that overhauls a tax structure seen as outdated, overly complicated and unfair. And they may have to snub some powerful special in...

BATON ROUGE, La. (AP) — With two weeks of the legislative session complete, Louisiana's Republican legislative leaders have speeded ahead with a rewrite of the state's tax system, but without a clear consensus yet emerging on the precise approach to take. Across the remaining seven weeks of session, lawmakers will have to settle many hefty, high-dollar issues to strike a deal that overhauls a tax structure seen as outdated, overly complicated and unfair. And they may have to snub som...

by David Jacobs, The Center Square  | April 21, 2021 08:00 AM Print this article The Louisiana Senate approved a possible constitutional amendment Tuesday that would lower the maximum allowable personal income tax rates and remove a major tax break from the constitution. Senate Bill 159 is part of a package of tax-related constitutional amendments legislative leaders in both chambers are pushing. They later may be combined into a single instrument, said Sen. ...

Senate OKs amendment to allow tax cut, tax break swap The Louisiana Senate approved a possible constitutional amendment Tuesday that would lower the maximum allowable personal income tax rates and remove a major tax break from the constitution. Senate Bill 159 is part of a package of tax-related constitutional amendments legislative leaders in both chambers are pushing. They later may be combined into a single instrument, said Sen. Bret Allain, R-Franklin, who chairs his chamber’s tax policy ...

A revamp of Louisianas income tax code powered through the state Senate Tuesday, giving hope to supporters that the overall plan — which involves several pieces of legislation — will ultimately win legislative approval.

The House Ways and Means Committee approves legislation that would eliminate the ability to Louisiana taxpayers to deduct taxes paid to the federal government on their state tax returns, but individual income tax rates would drop. House Ways and Means Chairman Stuart Bishop is the author. “Is this going to fix all of the problems of the tax system in the state of Louisiana, in all honesty, no it’s not, but it’s a step in the right direction,” said Bishop. Public Affairs Research Council...

House committee votes to raise bar for creating tax breaks The Louisiana House’s tax policy committee voted unanimously Thursday to make it more difficult to enact and maintain state tax breaks. Under House Bill 202 by Rep. Stuart Bishop, R-Lafayette, creating a new tax exemption, deduction, rebate or credit would require the support of at least two-thirds of the members in the House and Senate. Current law requires only a simple majority to enact new tax breaks, though eliminating one takes ...

tax bills got out of committee with relative ease, day three of the Louisiana Legislature’s fiscal session demonstrated how complicated and politically difficult lawmakers’ promised tax overhaul may get. Lawmakers have said they want to eliminate or reduce the cost of the state’s many tax breaks while lowering tax rates. They said they want to create a less complex system that is easier for taxpayers to navigate, doesn’t “pick winners and losers” and collects about...

Effort underway to lower income taxes in Louisiana -- but at a cost; heres the proposal Tyler Bridges A complicated tax swap that would eliminate a popular deduction in exchange for lowering income tax rates passed its first step when it won approval from a Louisiana Senate committee Tuesday. But it still has a long road to travel before it can become law, which would ultimately require a vote by the people. Senate Bill 159, approved by the Senate Revenue & Fiscal Affairs Committee, is part ...