WATCH: What Would Tax Reform Mean for LA Small Businesses?

October 11, 2024

News

WATCH: What Would Tax Reform Mean for LA Small Businesses?

NFIB hosted a virtual event today with state Revenue Secretary Richard Nelson to discuss Gov. Jeff Landry’s “Louisiana Forward” tax reform package.

One provision would help small businesses by reducing the individual income tax rate. The vast majority of Louisiana small businesses are organized as pass-through entities, meaning the revenue passes through the business to the owner, who pays taxes at the individual rate.

“Reducing the individual tax rate would have a tremendous impact on our small business members,” NFIB State Director Leah Long said.

However, another change under discussion is expanding the sales tax on services. That would create additional paperwork for small businesses and lead to higher prices which could affect sales, Long said.

Watch the full discussion with Secretary Nelson below.