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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’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase, giving Gov. Jeff Landry much of what he wanted ...
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 ...
This tax applies to a "dividend equivalent amount," which is the corporation's effectively connected earnings and profits for the year, less investments the corporation makes in its U.S. assets (money and adjusted bases of property connected with the conduct of a U.S. trade or business). The tax is imposed even if there is no distribution.
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 ...
Texas – no individual income tax but imposes a franchise tax on corporations. In May 2007, the legislature modified the franchise tax by enacting a modified gross margin tax on certain businesses (sole proprietorships and some partnerships were automatically exempt; corporations with receipts below a certain level were also exempt as were ...
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.
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 ...