Louisiana Legislative Update 2021
With a business-friendly state legislature in Louisiana, significant pro-business tax reform remains front and center on the state’s legislative agenda for 2021.
In this webinar, we will discuss the big picture tax policy issues for consideration in the current tax reform package being presented by Louisiana’s legislative leadership. This will include a candid discussion between, and with, Senator R.L. “Bret” Allain, II, Chairperson of the Senate Revenue and Fiscal Affairs Committee and Douglas Lindholm, President and Executive Director of the Council on State Taxation (COST).
In addition, we will dive into the details and discuss how the current proposed legislation would actually be interpreted and ultimately interact with the current tax laws in Louisiana if/when enacted.
The upcoming legislative session is a fiscal session and many tax bills will be filed and heard. Also, given the pro-business state of the current legislature, there seems to be real momentum for true tax reform this year.
Legislative leadership, including the chairs of the tax writing committees, has made clear that they are pursuing important tax reform measures, including lowering corporate tax rates, and the phasing out of the corporate franchise tax and the tax on inventory. However, taxpayers will need to pay close attention to how these bills are initially drafted and how they evolve during the legislative process. There are a number of big ideas circling around, but the devil, as they say, will be in the details of the actual bills that gain traction and ultimately pass.