income tax

Republican Gov. Jeff Landry got the Louisiana Legislature to back his bet of lowering individual and corporate income taxes to stimulate growth in the state.

The special session on tax reform is expected to wrap up Friday after lengthy negotiations over the last two weeks.

The goal of the session is to lower personal and corporate income tax rates and make Louisiana a more attractive place to live and do business. But the decrease in revenue for the state budget means sales taxes on more goods and services must be implemented and or raised.

The Louisiana House passed a number of bills Tuesday that are part of Gov. Jeff Landry’s tax reform session. The foundational legislation, HB 1 lowers the personal income tax rate to a flat 3%.

Louisiana lawmakers are considering a bill that would expand the state’s tax base to include about 50 more services.

The House Ways and Means Committee took steps Sunday toward achieving the governor’s tax overhaul by advancing a bill to cut the corporate income tax rate, now one of the highest in the nation, in stages from 7.5% to 3.5%.

A House tax committee voted Thursday to advance Gov. Jeff Landry’s proposal for a flat 3% personal income tax rate.

The special session on tax reform is underway at the State Capitol and Gov. Jeff Landry is encouraging lawmakers to pass all his bills to revise the state’s tax code. Landry’s proposal will reduce individual and corporate income taxes while expanding sales tax to more goods and services.

Louisiana Gov. Jeff Landry has called the Legislature into a special session to make a deal on tax reform, according to a proclamation issued Saturday.

The loss of revenue would worsen the state’s budget problems.