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For businesses, the corporate income tax rate will drop from 7.5% to a flat 5.5%, and the state franchise tax will be eliminated entirely. Originally, Landry's plan proposed a rate of 3.5%.
Louisiana taxpayers will have to wait at least another year before lawmakers consider eliminating the state's $4.5 billion income tax again. Republican Columbia state Rep. Neil Riser's House Bill ...
Lawmakers approved a flat 3% individual income tax rate, leading to a $1.3 billion cut. Previously, the personal income tax rate had stood at 4.25% for people earning $50,000 or more. Louisiana Republicans said the measure advanced their goal of ultimately eliminating the income tax in the future. “Income tax is a mandate; you have to pay it.
The House voted 87-12 to flatten individual income tax to 3%, while increasing the standard deduction to $12,500 for individual taxpayers. ... Louisiana's GOP-dominated House of Representatives on ...
Louisiana's corporate income tax rate had been the highest in the South according to the Tax Foundation, a conservative think tank. Lawmakers repealed the 0.275% corporate franchise tax, a levy on ...
In Mississippi, the Republican-led House on Thursday passed and sent to the Senate legislation that would gradually eliminate the income tax, reduce the sales tax on groceries and partially offset that by raising local sales taxes and gas taxes. New income tax cuts recently enacted in Louisiana also are being partially offset by a sales tax hike.