The tax reform special session is in the books and looks like Louisiana small businesses are satisfied with the tax package. NFIB State Director Leah Long thanked Governor Jeff Landry and Louisiana’s legislative and says by reducing tax burdens and protecting vital incentives, this legislation ensures small businesses can continue driving economic growth and creating jobs.
“I do believe this package is a start moving forward, to make Louisiana better, to attract new business, and to own and operate a business here in Louisiana.”
Long is excited the tax reform package includes a flat 3% individual income tax rate, benefiting small business owners filing through personal income taxes, and a flat 5.5% corporate income tax rate, simplifying the tax code and enhancing Louisiana’s business competitiveness…
“…because most of the small businesses are pass-through entities. So, they fill that way and LLC’s too.”
Key provisions preserved include the inventory tax credit for unincorporated businesses ensuring cash flow, and vendor compensation for timely sales tax payments, capped at $750 per month. Long commended lawmakers for rejecting proposals to expand the sales tax on services, protecting small businesses from extra burdens.
“I’m glad we held off on that and that we didn’t add anymore cost burden issues to small business owners. Because they are already very much struggling right now in the economy with inflation.”
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