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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 Governor Jeff Landry has called a Special Session on November 6 to overhaul the state's tax system including income and sales tax rates.
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 ...
State tax rules vary widely. The tax rate may be fixed for all income levels and taxpayers of a certain type, or it may be graduated. Tax rates may differ for individuals and corporations. Most states conform to federal rules for determining: gross income, timing of recognition of income and deductions, most aspects of business deductions,
Top Marginal State Income Tax Withholding Rates 2022. Income tax is also levied by most U.S. states and many localities on individuals, corporations, estates, and trusts. These taxes are in addition to federal income tax and are deductible for federal tax purposes. State and local income tax rates vary from zero to 16% of taxable income. [63]
Withheld income taxes are treated by employees as a payment on account of tax due for the year, [7] which is determined on the annual income tax return filed after the end of the year (federal Form 1040 series, and appropriate state forms). Withholdings in excess of tax so determined are refunded.
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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 ...