Louisiana ~ Corporate, Personal Income Taxes: Legislation Would Eliminate Taxes

Legislation passed in the Louisiana Senate would phase out the state’s corporate and personal income taxes over 10 years, beginning with 2013 and completing in 2022. Specifically, the taxes would equal:

— for tax years beginning during 2013, 90% of the rates provided for under current law;

— for tax years beginning during 2014, 80% of the rates provided for under current law;

— for tax years beginning during 2015, 70% of the rates provided for under current law;

— for tax years beginning during 2016, 60% of the rates provided for under current law;

— for tax years beginning during 2017, 50% of the rates provided for under current law;

— for tax years beginning during 2018, 40% of the rates provided for under current law;

— for tax years beginning during 2019, 30% of the rates provided for under current law;

— for tax years beginning during 2020, 20% of the rates provided for under current law;

— for tax years beginning during 2021, 10% of the rates provided for under current law; and

— no tax would be assessed for any tax year beginning on or after January 1, 2022.

Subscribers can view the legislation.

S.B. 259, as passed by the Louisiana Senate, June 6, 2011

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting