What a Special Session Could Mean for Small Business

September 30, 2024

Gov. Jeff Landry and legislative are discussing a special session on tax reform in November

What a Special Session Could Mean for Small Business

Legislative leaders are considering a special session in November to vote on Gov. Jeff Landry’s proposed tax plan. Landry wants to reduce the state’s individual income tax rate. This could help small businesses, as many in Louisiana are organized as pass-through entities, meaning owners pay taxes at the individual tax rate. The plan also aims to lower corporate income taxes and eliminate the corporate franchise tax, potentially saving businesses money. However, the governor is considering expanding the state’s sales tax to include more services, such as streaming services like Netflix and so-called luxury services like car detailing. Landry is also considering removing some tax exemptions, though it’s unclear which ones, leaving businesses uncertain about what to expect. NFIB State Director Leah Long said, “The governor and legislators must do something to avoid a budget deficit and cuts to important services if a scheduled sales tax cut takes effect in 2025. We’ll be watching what happens and speaking out to ensure the state doesn’t try to balance the budget on the backs of small businesses.”

Topics:

Uncategorized

State:

Louisiana

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