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Louisiana’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase, giving Gov. Jeff Landry much of what he wanted ...
Other changes include a doubled retirement income tax exemption for seniors, raising the threshold from $6,000 to $12,000, and the application of sales taxes to digital goods and services.
Nearly all jurisdictions provide numerous categories of goods and services that are exempt from sales tax, or taxed at reduced rates. The purchase of goods for further manufacture or for resale is uniformly exempt from sales tax. Most jurisdictions exempt food sold in grocery stores, prescription medications, and many agricultural supplies.
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Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
Louisiana citizens, whose state has one of the highest average combined sales tax rate in the nation, now pay, on average, 9% in state and local sales and use tax for Amazon purchases. [ 63 ] Act 22, passed in on March 14, 2016, requires online retailers to collect sales taxes on online purchases.
An extra tax exemption for first responders will decrease the tax revenue available to school systems and other local agencies, many of which won’t have a say on whether to enact the exemption.
The Streamlined Sales Tax Project (SSTP), first organized in March 2000, is intended to simplify and modernize sales and use tax collection and administration in the United States. It arose in response to efforts by Congress to permanently prohibit states from collecting sales tax on online commerce.