Jones Walker SALT Team Leader, Bill Backstrom, was quoted in the Law360 article, “La Voters Refuse to Get Rid of Corporate Tax Deduction” regarding the rejected ballot measure to scrap the corporate tax deduction for federal income taxes paid. The measure was rejected by 56.1 percent of Louisiana voters on Tuesday, November 8.
Bill said that the vote represents a setback for Louisiana Governor Edwards’ efforts to stabilize the state’s complicated tax system.
As a result of the failure of the constitutional amendment, the current Louisiana corporation income tax rates will remain in place, and corporate taxpayers will continue to be entitled to a deduction for federal income taxes paid by the corporate taxpayer
