An effort to revamp Louisiana’s corporate tax code moved a step closer to passage when it won approval from the House Monday.
House Bills 292 and 293 would eliminate a popular tax break that allows corporations to deduct their federal tax payment on their state income tax return. In conjunction, it would collapse the corporate tax rate at 6.5%. The bills now advance to a Senate committee.
With the backing of the legislative leadership, the corporate tax bills, sponsored by state Rep. Neil Riser, R-Columbia, were approved with little debate. An additional piece of the package, House Bill 275, is awaiting consideration from a House committee.