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State representatives and senators meet to discuss possible changes to tax options

4 days 8 hours 10 minutes ago Thursday, July 11 2024 Jul 11, 2024 July 11, 2024 10:08 PM July 11, 2024 in News
Source: WBRZ

BATON ROUGE - At the state capitol, following a failed attempt at a constitutional convention, state representatives and senators met today to discuss possible changes to tax options in the state.

The Louisiana Department of Revenue presented the tax reform, which they believe could ultimately benefit Louisiana, but it would need a constitutional bypass for it to take action. 

The tax reform proposal includes several changes to Louisiana's current tax policy from eliminating over 100 tax exemptions to reducing individual income tax rates. They say that along with several other reforms would put Louisiana on a better path forward.

Secretary of Louisiana Department of Revenue Richard Nelson was involved in the pitching process of the reform and believed this would put Louisiana on the right path forward. 

"This is something that we're staring the barrel of and we have to come up with some type of solution; one of the things my dad used to always tell me is the only thing worse than bad news is bad news late and that's what we're trying to avoid," Nelson said. 

Nelson also believes that it would not only benefit the state, it would allow the state to be competitive with other states if passed. 

"I'm looking at how we can actually sit up Louisiana to be competitive in the future, as far as to who do we attract businesses here how do we bring jobs here, how do we keep our citizens in Louisiana and let them succeed, so that's some of the bigger changes and reforms we are looking into doing," Nelson said.

Any reform would have to be approved by voters before it can take effect.

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