Louisiana flat tax bill clears first hurdle alongside franchise tax ...

Nov 7, 2024 · The flat tax bill will be heard next in the House Appropriations Committee, and the franchise tax bill is awaiting consideration on the House floor. Correction: A previous version of this article mistakenly omitted the names of two Democratic lawmakers who voted in favor of …

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Louisiana House Passes First Three Of Jeff Landry Tax Bills | Local ...

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5 days ago · Landry needed at least 70 votes in the 105-member House to pass House Bill 1.It would replace the three-tiered individual income tax structure (of 4.25%, 3.5% and 1.85% …

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Louisiana House Passes Flat Tax, Franchise Levy Phaseout Bills

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5 days ago · (The Center Square) — The Louisiana House passed a bill that could institute a flat tax rate of 3% for all income brackets, a monumental change to the tax code. The bill, House …

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Louisiana House Advances 3% Personal Income Tax Proposal, …

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Nov 8, 2024 · The committee also voted Thursday on another portion of Landry’s tax plan: eliminating the corporate franchise tax. The measure would remove the tax levied by the state …

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Louisiana Flat Tax Bill Clears First Hurdle Alongside Franchise Tax ...

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Nov 8, 2024 · The flat tax bill would cost the state about $334 million when it first takes effect next year and then more than $1 billion each year thereafter. To cover the cost, the administration …

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Louisiana House Passes 3% Flat Tax, Franchise Tax Repeal

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5 days ago · Louisiana lawmakers are moving quickly on Gov. Jeff Landry’s vision for tax reform, passing several bills Tuesday including measures that would flatten the personal income tax …

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Tax Cut Bill Clears Its First Hurdle After Gov. Landry’s Testimony

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Nov 8, 2024 · “We start with proposing the 30% reduction in the personal income tax, bringing that tax from 4.25% to a flat 3%, eliminating the bottom bracket. That is extremely important.

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Louisiana House To Take Up Tax Measures, Presenting First Big Test …

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6 days ago · House Bill 10 by Rep. Mark Wright, R-Covington, would raise $882 million per year by renewing a 0.45-cent sales tax scheduled to expire mid-2025, by making permanent a 2% …

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How Louisiana Tax Burdens Might Shift Under Gov. Landry’s …

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Oct 9, 2024 · The core of the proposed tax overhaul includes eliminating Louisiana’s three graduated income tax brackets that currently max out with a 4.25% rate and replacing them …

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Gov. Landry’s Tax Overhaul Depends On Swapping Income For …

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Oct 28, 2024 · The income tax proposal would eliminate Louisiana’s three graduated income tax brackets that currently max out with a 4.25% rate and replace them with a single flat rate of …

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Louisiana Tax Cut Triggers Worry Some Lawmakers

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Feb 15, 2023 · The state’s 2019 corporate franchise and income tax revenue was $630 million, according to the Department of Revenue. The Louisiana Budget Project’s Jan Moller said his …

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FAQs about Louisiana flat tax bill clears first hurdle alongside franchise tax ... Coupon?

What is Louisiana's new tax overhaul?

The core of the proposed tax overhaul includes eliminating Louisiana’s three graduated income tax brackets that currently max out with a 4.25% rate and replacing them with a single flat tax rate of 3% on all income. The flat tax would be paired with a much higher $12,500 standard individual deduction, up from $4,500. ...

What will Louisiana House Bill 1 do for You?

“The bills that will end up on my desk, no doubt, will place Louisiana in a better position economically than we’ve been in a long, long time.” Under Louisiana House Bill 1, if you’re paying more than 3% income tax, it will be lowered to 3%. If you’re currently paying less than 3%, you won’t have any personal income tax. ...

Will Louisiana lower personal income tax?

B ATON ROUGE, La. (WVUE) - Following its passage through Louisiana’s House of Representatives on Tuesday (Nov. 12), the state Senate now will take up a bill that would lower personal income tax for state residents. While 87 lawmakers pushed the bill forward, 12 skeptics expressed a number of concerns over the legislation’s implementation. ...

Will Louisiana's tax burden shift?

Jan Moller, executive director of the left-leaning Invest in Louisiana, said any shift in the tax burden must be viewed from a wider context. The richest 10% might end up paying 61% of the state’s income tax, but it will be 61% of a much smaller pie, he said. ...

Will Louisiana's Tax Plan benefit the wealthy?

(Photo credit: Wesley Muller/Louisiana Illuminator) The chief proponent of Gov. Jeff Landry’s plan to revise Louisiana’s tax structure is touting what he considers some of its more progressive aspects, but some critics say the plan overall would benefit the wealthy at the expense of regular Louisiana taxpayers. ...

What is a flat tax system?

Under a flat tax system, the standard deduction becomes the primary mechanism to reduce or remove the tax burden that otherwise shifts onto the lowest earners with a flat tax. The state’s corporate income tax would follow suit with a 3.5% flat rate, down from a maximum 7.5% graduated rate. ...