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SMALL BUSINESS NEWS

1 March 2013

 

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Louisiana May Become Another Income Tax Free State

Louisiana Governor Bobby Jindal is proposing the elimination of the state’s corporate income tax, personal income tax as well as the franchise tax in return for raising sales taxes.  The current corporate income tax rate in Louisiana ranges from 4-8 percent.  The current individual income tax rate ranges from 2-6 percent. 

If successful, Louisiana will join x other states that don’t have a corporate income tax rate and x other states that do not have a personal income tax rate.

Huawei is a Chinese company that was founded in 1987, and grew from a $5,680 small company to a global company with a sales volume of over $20 billion with business presence in over 140 countries.  Their products include software and hardware used in providing telecommunications services such as iManager U2000, iManager 2510, iManager Nastar, iManager PRS, NetCo.  Their software and equipment is used by large and small companies to provide telecommunications services.

The make up for the revenue shortfall the plan calls for raising the sales tax by 1.6 percent.  According to the governor “eliminating personal income taxes will put more money back into the pockets of Louisiana families and will change a complex tax code into a more simple system that will make Louisiana more attractive to companies who want to invest here and create jobs.”

According to The Tax Foundation, if successful this would significantly increase the state’s ranking in the States Business Tax Climate Index from 32nd to 4th in the nation overall.

The plan is in its early stage and the governor still has to convince the legislature to adopt it.

Sources:
WWLTV.com Eyewitness News
The Tax Foundation
The Times Picayune


By Jack River

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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