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Jockeying for governor's race underway

Each election is a unique event, but the quickly approaching race for governor yet again promises something different. ....

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Lawmakers hope 'orphan' well tax exemption will resolve ongoing problem in oil industry

Lawmakers hope âorphanâ well tax exemption will resolve ongoing problem in oil industry
Bill uses taxpayer money to clean up mess left by oil industry, critic says
A photo of an orphaned oil well in St. Martin Parish taken by the Louisiana Department of Resources in 2010. (Louisiana Department of Natural Resources)
Lawmakers on Wednesday approved legislation that would establish a program to help fix âorphanâ oil wells by offering a tax exemption on oil produced from abandoned wells that are reworked to produce again. While it may resolve the ongoing problem of leaky unsealed wells across Louisiana, one critic pointed out that the legislation simply gives taxpayer money to the oil industry to clean up a mess made by the oil industry. ....

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Louisiana Senate sends tax overhaul bills back to House

by David Jacobs, The Center Square
| June 03, 2021 10:00 AM
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The Louisiana Senate approved two bills Wednesday that would eliminate major tax breaks while lowering income tax rates.
The bills are part of a package legislative leaders are pushing to overhaul the state’s tax system.
Personal income is taxed in Louisiana at 2% for the first $12,500, 4% on the next $37,500 and 6% on net income in excess of $50,000. House Bill 278 calls for reducing the rate for each bracket to 1.85%, 3.5% and 4.25%, respectively.
In exchange, taxpayers would give up the ability to deduct the cost of paying their federal income taxes from their state income. Individuals also would lose excess itemized deductions except for medical expenses. The rates could be driven lower if the state collects enough money. ....

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Tax swap keeps moving in La. Legislature

The Louisiana Senate’s tax policy committee on Monday three key pieces of a complex income tax overhaul. ....

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Tax swap keeps moving in Louisiana Legislature

The Louisiana Senate’s tax policy committee advanced Monday three key pieces of a complex income tax overhaul. ....

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