LOUISIANA — Three bills were passed by the full House Tuesday as part of Gov. Jeff Landry's tax plan.
House bill one deals with individual income taxes. The bill cuts the tax to a flat rate for individuals, estates and trusts, increases the standard deduction and modifies or repeals certain income tax deductions and credits. The bill's passing, according to Landry, effectively eliminates income tax for the working poor and reduces taxes for all.
House bill three repeals the corporation franchise tax. This bill limits the eligibility of certain credits to be claimed against corporation franchise tax.
House bill seven allows for the amendment of the tax section of Louisiana's constitution, which hasn't been modernized in 50 years.
These bills will now move on to the next step in the legislative process.
These bills are a part of Landry's plan to amend Louisiana's tax code, which he's called "bloated" and "broken."
There are 14 items being considered by Louisiana lawmakers during this special session, which must end by November 25.
