The bill's sponsor called it "the worst tax that Louisiana has on the books"
Louisiana’s corporate franchise tax – which business lobbyists have been trying to kill for years – would be phased out under a bill given final legislative approval on Tuesday.
The biggest beneficiaries will be petrochemical companies headquartered outside of Louisiana because of the amount of equipment and assets that are subject to the tax.
The franchise tax would be reduced by 25% per year and would disappear after four years under the legislation, which now goes to Gov. John Bel Edwards for his signature or veto.
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Founded in 1992, C100 serves as Louisiana’s business roundtable and an advocate for economic development, engaging business leaders in state public policy issues to advance business and industry growth in ways that improve the economy and quality of life across Louisiana. Its membership includes senior executives of leading private and public companies and university presidents.
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