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Louisiana's GOP-dominated House of Representatives on Tuesday overwhelmingly passed individual and corporate tax cuts, along with a constitutional amendment — all key provisions in Gov. Jeff ...
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 ...
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%.
State corporate tax return due dates vary, but most are due either on the same date or one month after the federal due date. Extensions of time to file are routinely granted. [85] Penalties may be imposed at the federal and state levels for late filing or non-filing of corporate income tax returns. [86]
A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. A franchise tax is not based on income. Rather, the typical franchise tax calculation is based on the net worth of capital held by the entity. The franchise tax effectively ...
In essence, this franchise or business privilege tax is the fee the LLC pays the state for the benefit of limited liability. The franchise tax can be an amount based on revenue, an amount based on profits, or an amount based on the number of owners or the amount of capital employed in the state, or some combination of those factors, or simply a ...
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.
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 ...
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