When trying to fix Louisiana’s budget last session, corporate tax breaks were on the chopping block.
“What we did was essentially go in and suspend the tax exemptions, tax credits and tax rebates by a certain percentage,” Monroe Rep. Katrina Jackson, the author of those bills explained to House Ways and Means Committee members Friday morning.
Jackson’s bills cut the tax breaks by 28-percent for 3 years. They haven’t worked as expected, however: currently, corporate tax collections are a negative number. The state has paid out $210-million more to businesses than it has collected in taxes.
Jackson’s bills for this session would make the 28-percent cut permanent.