On Tuesday, the House Ways and Means Committee convened the first of many meetings to discuss the possibility of eliminating Louisiana’s individual income tax.
“This would be a big deal for small business owners,” NFIB State Director Dawn McVea said. Three-quarters of small business owners file their taxes as pass-through entities, meaning they pay taxes at the individual rather than the corporate rate, so “this is something we’re keeping a close eye on,” she said.
In the months ahead, the committee is expected to discuss not only the individual income tax but Louisiana’s overall tax structure and draw up a list of potential tax reforms, McVea said.
“There are a number of factors to consider when eliminating a state income tax, and it cannot be done overnight,” McVea said. “We will closely monitor the work of the committee during this interim and keep you abreast of any developments.”
