At the conclusion of the 3rd Extraordinary Session of 2024, the Louisiana Legislature passed a series of bills aimed at reforming the Louisiana tax code. The bills were signed into law by Governor Jeff Landry and a constitutional amendment will be on the ballot on March 29, 2025. Some of the highlights include eliminating the corporate franchise tax, replacing the marginal individual income tax rate with a flat 3% rate and a higher standard deduction, replacing the marginal corporate income tax rate with a flat 5.5% rate and a $20,000 standard deduction per corporate taxpayer, and increasing the state sales tax rate to 5%, to be reduced to 4.75% on January 1, 2030. All of these changes will be effective January 1, 2025.
Read the full post on The Gulf Coast Business Law Blog here.
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