The Louisiana Legislature has approved Gov. Jeff Landry’s tax package centerpiece, which includes cutting individual income taxes and increasing sales taxes to offset the lost revenue. The Senate vote was 38-1, with only Sen. Royce Duplessis voting no, while the House vote was 80-18, with only Rep. Beryl Amedee voting against it.
The income tax cut amounts to $1.3 billion, with the state sales tax being raised to 5% to generate $845 million in revenue. The Legislation is also set to vote on other parts of Landry’s tax package later in the day, with plans to balance the revenue gap caused by the income tax reduction.
This special tax session is expected to conclude today, marking a significant step in Gov. Landry’s efforts to reform the state’s tax system. The approval of this centerpiece measure has received mixed support from lawmakers, with some concerns raised about the impact of higher sales taxes on consumers. However, supporters of the plan argue that the income tax cut will provide relief for taxpayers and stimulate economic growth in Louisiana.
Source
Photo credit www.nola.com
