Louisiana voters will decide on March 29 whether to approve more than 100 pages of revisions to the state constitution related to ad valorem taxes and other fiscal issues. For businesses that operate in Louisiana, one aspect of the proposed reform relates to the taxation of inventory.
Louisiana is one the few states that
Louisiana Senate Bill 1 of the 2023 Regular Session, which provides for a phase-out of the Louisiana corporation franchise tax, has been vetoed by Governor Edwards. SB 1 by Senator Allain would have reduced the franchise tax by 25% per year, provided certain benchmarks for deposits into the Revenue Stabilization Trust Fund were met
Unless otherwise indicated, all bills noted below have been passed by the legislature and are waiting on signature or veto by the governor. Our discussion of each bill assumes the bill is or becomes law.
SB1 by Senator R. L. Bret Allain, II
TAX/FRANCHISE/CORPORATE: Phases-out the corporate franchise tax.
SB 1 reduces the corporate franchise