Louisiana Legislature concludes special tax session [Video]

The special session on tax reform concluded Friday with multiple bills receiving a final passage and will now go to the governor’s desk. House Bill 2 will now head to Gov. Jeff Landry’s desk after being passed with a 90-9 vote.The final passage of the bill will enact lower, corporate income flat tax rate and get rid of some corporate tax breaks as well as rework other tax break programs. Corporate income tax would be reworked, and a flat rate of 5.5% would be enacted and would get rid of the graduated system of tax rates that top out at 7.5%.This bill would also enact a standard business deduction of $20,000 and eliminate some tax break programs. The film tax credit program would also be capped at $125 million a year, the Historic preservation tax credit program would be capped at $85 million, and the research and development tax credit …