Louisiana legislators concluded the 3rd Special Session of 2024 ahead of schedule, passing several bills focused on improving the state’s tax structure and returning more money to its citizens. The session ended on Friday, well before the Monday deadline. The legislation includes reducing personal and corporate income taxes for everyone, doubling standard tax deductions for seniors, eliminating the state’s corporate franchise tax, making a $2,000 teacher pay raise permanent, and advancing a constitutional amendment to give lawmakers more flexibility to reduce taxes in the future.
Senate President J. Cameron Henry emphasized the importance of improving Louisiana’s tax policies for economic growth. Speaker of the House Phillip DeVillier highlighted the need to address the upcoming fiscal cliff and provide tax relief for residents. House Ways and Means Committee Chair Julie Emerson stressed the goal of lowering personal income tax and spurring economic growth.
Voters will consider adopting a constitutional amendment to address tax reform during a statewide election in 2025. Key bills passed during the special session include those focused on corporate income, corporate franchise tax, teacher pay raise, constitutional amendment, digital services tax, and personal and state sales taxes.
Representative Mark Wright celebrated the reduction of personal income tax rates for all residents, while Vice Chair Ken Brass highlighted the importance of modernizing the tax structure by including digital services. The 2025 Regular Legislative Session will convene on April 14, 2025. More information on the legislation can be found at www.legis.la.gov.
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