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The opening of tax filing season is here, and the Louisiana Department of Revenue has issued guideline for expecting returns. Louisiana begins tax season, Here's when you can expect your refund ...
For businesses, the corporate income tax rate will drop from 7.5% to a flat 5.5%, and the state franchise tax will be eliminated entirely. Originally, Landry's plan proposed a rate of 3.5%.
“Today we have made generational change in this state,” Landry said. “We now stand at the threshold of a new era for Louisiana.” A flat 3% income tax. Lawmakers approved a flat 3% individual income tax rate, leading to a $1.3 billion cut. Previously, the personal income tax rate had stood at 4.25% for people earning $50,000 or more.
The House voted 87-12 to flatten individual income tax to 3%, while increasing the standard deduction to $12,500 for individual taxpayers. ... Nov. 12, 2024, at the Louisiana State Capitol in ...
Louisiana taxpayers will have to wait at least another year before lawmakers consider eliminating the state's $4.5 billion income tax again. Republican Columbia state Rep. Neil Riser's House Bill ...
Returns are also required by partnerships doing business in the state. Many states require that a copy of the federal income tax return be attached to their state income tax returns. The deadline for filing returns varies by state and type of return, but for individuals in many states is the same as the federal deadline, typically April 15.
Republican Gov. Jeff Landry's goal to repeal or reduce the Louisiana income tax and simplify the state's convoluted tax code will have to wait until at least next year after Legislative leaders ...
They have also passed bills to eliminate the 0.275% corporate franchise tax — worth more than $500 million in annual revenue — and to flatten the individual income tax to 3%, costing the state ...
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