Louisiana gives out about $4.4 billion in tax breaks to businesses and individuals each year. A look at the major categories of taxes collected and tax exemptions in the just-ended 2011-12 budget year, according to estimates from the state revenue department:
Corporate Income Taxes:
- Potential collections: $1.7 billion.
- Actual collections: $198 million.
- Estimated exemptions: $1.5 billion.
Percentage of tax loss: 88 percent.
Sales Taxes:
- Potential collections: $4.1 billion.
- Actual collections: $2.7 billion.
- Estimated exemptions: $1.4 billion.
Percentage of tax loss: 34 percent.
Individual Income Taxes:
- Potential collections: $3.5 billion.
- Actual collections: $2.4 billion.
- Estimated exemptions: $1.1 billion.
Percentage of tax loss: 32 percent.
Severance Taxes:
- Potential collections: $1.2 billion.
- Actual collections: $764 million.
- Estimated exemptions: $432 million.
Percentage of tax loss: 36 percent.
Source: Louisiana Department of Revenue