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A revamp of Louisiana's 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 President Robert Travis Scott says there have been studies and non-partisan groups who have suggest...
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 a two-thirds vote. New exemptions also would expire after four years under Bishop’s proposal unles...
tax bills got out of committee with relative ease, day three of the Louisiana Legislatureâs fiscal session demonstrated how complicated and politically difficult lawmakersâ promised tax overhaul may get. Lawmakers have said they want to eliminate or reduce the cost of the stateâs many tax breaks while lowering tax rates. They said they want to create a less complex system that is easier for taxpayers to navigate, doesnât âpick winners and losersâ and collects about the same amount of money as the current structure. As Wednesdayâs meeting of the House's tax w...
Effort underway to lower income taxes in Louisiana -- but at a cost; here's 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 of a package of bills sought by the legislative leadership that would no longer allow individuals a...