Louisiana House greenlights Gov. Jeff Landry’s tax cuts
1 month, 1 week ago

Louisiana House greenlights Gov. Jeff Landry’s tax cuts

Associated Press  

— Louisiana’s GOP-dominated House of Representatives on Tuesday overwhelmingly passed individual and corporate tax cuts, along with a constitutional amendment — all key provisions in Gov. Republican Rep. Julie Emerson, the bill’s sponsor, said the individual income tax cuts are necessary to spur economic growth, staunch outward migration and keep Louisiana competitive with nearby states like Florida and Texas which have no income tax. Other bills, set to be voted on by the House later this week, would attempt to offset the proposed individual income tax cuts by ending a range of tax exemptions and expanding sales taxes across dozens of services, from dog-grooming to lobbying, as well as digital goods like Netflix and other streaming platforms. Along with advancing the tax cuts, the House voted in favor of a constitutional amendment intended to simplify the state’s convoluted tax code.

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Louisiana lawmakers pass income and corporate tax cuts, raising statewide sales tax to pay for it
1 month ago

Louisiana lawmakers pass income and corporate tax cuts, raising statewide sales tax to pay for it

Associated Press  

— 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. Lawmakers also redirected $280 million in vehicle sales tax funds from several major infrastructure projects for the next two years in order to help offset the income tax cut. Corporate tax cuts The state’s new corporate …

Louisiana governor’s tax overhaul faces opposition as lawmakers and lobbyists horse-trade
1 month ago

Louisiana governor’s tax overhaul faces opposition as lawmakers and lobbyists horse-trade

Associated Press  

Jeff Landry is pushing big plans to overhaul the state’s complex tax code to deliver income and corporate tax cuts. Even with the proposed tax package’s new revenue streams, Rapides Parish in Central Louisiana stood to lose more than $20 million in revenue as result of the changes, said Tax Administrator Betty Jo Bourgeois. Most importantly for the tax reform …

Louisiana lawmakers advance Gov. Jeff Landry’s tax cut bills
1 month, 2 weeks ago

Louisiana lawmakers advance Gov. Jeff Landry’s tax cut bills

Associated Press  

— Louisiana lawmakers advanced bills to flatten the state’s income tax rate and repeal the corporate franchise tax in a special legislative session focused on a sweeping tax reform package championed by Republican Gov. The legislative fiscal office’s former chief economist Greg Albrecht described the proposed income tax plan as “modestly progressive” compared to the existing tax code in a …

Louisiana lawmakers return to Capitol for special session focused on tax reform
1 month, 2 weeks ago

Louisiana lawmakers return to Capitol for special session focused on tax reform

Associated Press  

— Lawmakers convened at the state Capitol on Wednesday for their third special legislative session of the year, with Gov. Jeff Landry urging them to pass a sweeping tax reform package that he says would make the state more economically competitive. With the state facing an estimated budget hole of more than $700 million next year, largely due to the …

Louisiana governor plans to call third special session to overhaul the state’s tax system
2 months, 3 weeks ago

Louisiana governor plans to call third special session to overhaul the state’s tax system

Associated Press  

Jeff Landry says that he plans to call the Legislature into a special session in November, marking the third such gathering this year, with the hopes of overhauling the state’s current tax system that the Republican said is failing residents. “We offer an opportunity to change that playbook so Louisiana can start winning.” According to information from the state’s revenue …

Mississippi’s Republican governor pushes income-tax cut, says critics rely on ‘myths’
2 months, 4 weeks ago

Mississippi’s Republican governor pushes income-tax cut, says critics rely on ‘myths’

Associated Press  

Tate Reeves said Tuesday that legislators should ignore “myths” from opponents who want to block efforts by him and some other Republican leaders to phase out the state’s income tax. Mississippi collected almost one-third of its general fund revenue from the individual income tax during the budget year that ended June 30, 2023, according to the state Department of Revenue. …

Mississippi House panel starts study that could lead to tax cuts
3 months, 2 weeks ago

Mississippi House panel starts study that could lead to tax cuts

Associated Press  

— Mississippi lawmakers could consider a comprehensive proposal next year to make the state’s tax system fairer and more efficient, a state House leader said Wednesday. “Eliminating the tax on work in the state of Mississippi is our goal — and how we can do that responsibly and in as quick a time as we can.” Lamar and Republican Rep. …

Georgia governor signs income tax cuts as property tax measure heads to November ballot
8 months ago

Georgia governor signs income tax cuts as property tax measure heads to November ballot

Associated Press  

ATLANTA — Georgians will owe less in income taxes this year and will get a chance in November to vote to cap increases in how homes are valued for property taxes. The corporate income tax had stayed at 5.75% when the personal income tax fell on Jan. 1, but supporters argued it was unfair to tax businesses at a higher …

Georgia lawmakers approve income tax cuts for people and businesses
9 months ago

Georgia lawmakers approve income tax cuts for people and businesses

Associated Press  

ATLANTA — Income taxes for Georgia residents and businesses are set to fall after the state Senate gave final passage to a pair of tax cuts Wednesday. House Bill 1023, which passed 34-17, would decrease the corporate income tax rate to match that of individuals. But the only person who spoke against the cuts was Sen. Colton Moore, a Trenton …

Georgia House backs state income tax and property tax cuts in unanimous votes
10 months, 2 weeks ago

Georgia House backs state income tax and property tax cuts in unanimous votes

Associated Press  

ATLANTA — The Georgia House on Thursday passed bills to cut state income and local property taxes, backing priorities of Gov. The bills would accelerate an already-planned income tax cut, increase homeowner property tax exemptions in some jurisdictions and raise the amount parents can deduct per child from yearly income taxes. Kemp and other Republican leaders back the measure to …

Arkansas lawmakers approve $124 million income tax cut plan
1 year, 8 months ago

Arkansas lawmakers approve $124 million income tax cut plan

Associated Press  

— Arkansas lawmakers on Wednesday approved a plan by Republican Gov. Sarah Huckabee Sanders and legislative leaders to cut individual and corporate income taxes by $124 million a year. The bill, which now heads to Sanders’ desk, also cuts the top corporate income tax rate to 5.1% from 5.3%. “The more we cut income taxes, the heavier the burden to …

Competing bills deal with 2025 sales tax expiration
2 years, 7 months ago

Competing bills deal with 2025 sales tax expiration

Associated Press  

— Competing ideas on what to do about the impending end of a 0.45% state sales tax — and the more than $420 million it generates annually — are on the way to the Louisiana House of Representatives. One bill approved Monday by the House Ways and Means Committee would start phasing the tax out next year. The other measure …

Georgia lawmakers create flat income tax, cutting $1 billion
2 years, 8 months ago

Georgia lawmakers create flat income tax, cutting $1 billion

Associated Press  

ATLANTA — Georgia lawmakers are agreeing on plan to create a flat state income tax of 4.99% by 2029 or later, cutting taxes by more than $1 billion and delivering on a key Republican priority in the closing hours of the 2022 legislative session late Monday. In an attempt to keep the measure from raising taxes on low-income taxpayers, the …

Georgia House GOP leadership seeks $1 billion income tax cut
2 years, 9 months ago

Georgia House GOP leadership seeks $1 billion income tax cut

Associated Press  

ATLANTA — Georgia’s House speaker on Tuesday proposed a $1 billion tax cut that would create a flat state income tax with a 5.25% tax rate, raise the amount of income exempt from taxation and eliminate many deductions. Georgia’s top income tax rate is now 5.75%, which applies to income over $7,000 earned by a single person or income over …

Arkansas lawmakers OK massive tax cuts, adjourn session
3 years ago

Arkansas lawmakers OK massive tax cuts, adjourn session

Associated Press  

— Arkansas lawmakers on Thursday approved the largest tax cut in state history, adjourning a special session without taking up an abortion ban modeled after Texas’ or other measures some Republican lawmakers hoped to add to the agenda. For an individual who happens to be paying a small portion of taxes, percentage-wise they’re getting a larger cut in their taxes.” …

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