Louisiana’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase.
Texans Pep Talk: Will Houston continue its winning ways against archrival Tennessee?Thanksgiving travel surge: AAA warns of busy roads in HoustonTired of bumper-to-bumper traffic? Swap your car for this electric scooter– 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.
“Income tax is a mandate; you have to pay it. You get punished for making more money,” said Republican Rep. Julie Emerson, who spearheaded the legislation.“We’re on the same trajectory as other states around us to be competitive,” Republican Sen. Franklin Foil said. Lawmakers repealed the 0.275% corporate franchise tax, a levy on businesses operating on the state worth more than $500 million in annual revenue that went to a state savings account. Republican lawmakers had decried the tax as an arbitrary penalty on business.
The state's current sales tax stood at 4%, along with a temporary 0.45% sales tax that had been set to expire next year. Sen. Minority Leader Gerald Boudreaux said the Democratic Caucus had supported the bills — only one Democratic Senator dissented — in order to have a seat at the table in shaping the process, such as pushing to preserve the film industry tax credit.
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