A revamp of Louisiana’s income tax code powered through the state Senate Tuesday, giving hope to supporters that the overall plan – which involves several pieces of legislation – will ultimately win legislative approval.
If it does, the change would go before voters in either October 2021 or October 2022 because it would amend the state Constitution.
The package of bills would eliminate a popular tax break that allows individuals to deduct their federal tax payment on their state income tax return. In conjunction, it would lower income tax rates.
Most people would pay about the same amount of tax, and the state would collect about the same amount of revenue, state Sen. Bret Allain, R-Franklin, told his colleagues Tuesday.
“We’re trying to move the state forward from bad tax policy,” said Allain, who is the prime mover behind the tax swap.
Allain has the backing of … Continue Reading Full Story >>>