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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%.
Louisiana has a temporary sales tax set to expire in 2025 unless lawmakers and Governor Jeff Landry seek to extend it. Louisiana residents are paying the highest sales tax rate in the United ...
Such tax is generally based on business income of the corporation apportioned to the state plus nonbusiness income only of resident corporations. Most state corporate income taxes are imposed at a flat rate and have a minimum amount of tax. Business taxable income in most states is defined, at least in part, by reference to federal taxable income.
Act 412: Starting Jan. 1, 2025, unemployment benefits in Louisiana will range from 12 to 20 weeks, based on the state’s unemployment rate. Extended benefits are available for those in approved ...
This table does not necessarily reflect the actual tax burdens borne directly by individual persons or businesses in a state. For example, the direct state tax burden on individuals in Alaska is far lower than the table would indicate. The state has no direct personal income tax and does not collect a sales tax at the state level, although it ...
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").
Louisiana Governor Jeff Landry has called a Special Session on November 6 to overhaul the state's tax system including income and sales tax rates.
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 ...