Louisiana 2017 Special Session Possible
The Revenue Estimating Conference met Friday, January 13, 2017 to determine the budget deficit for fiscal year 2017. Based on tax collections, which are below expectations, Louisiana’s economists proposed either a $340M or $502M deficit. The Revenue Estimating Conference ultimately concluded the deficit for fiscal year 2017 is $340M, of which $313M in cuts will be needed.
Governor John Bel Edwards previously stated that any budget deficit requiring cuts in excess of $300M would require a special session by the legislature to make those cuts and/or raise revenue. Coupled with the fiscal regular session that begins in March and will likely involve large-scale tax reform discussions, 2017 is shaping up to be another interesting (and busy) year for Louisiana taxpayers.