BATON ROUGE, La. (AP) - The Latest on Gov. John Bel Edwards’ tax rewrite proposals (all times local):
4:50 p.m.
Business leaders are expressing concern about Gov. John Bel Edwards’ tax proposal and the increased costs it could add to companies.
The Louisiana Association of Business and Industry issued a statement Wednesday reminding lawmakers and Edwards “that the Louisiana economy is in the midst of a recession.”
Organization president Stephen Waguespack says the governor’s tax proposal “seems tone deaf to economic reality.”
The package centerpiece is a new tax on gross receipts, estimated to raise up to $900 million annually from businesses. Edwards says it would make sure companies that have been avoiding income taxes are paying “their fair share.”
Dawn Starns, state director of the National Federation of Independent Business, says she has a lot of questions about how the plan would work and concerns about its impact.
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2 p.m.
Gov. John Bel Edwards is pushing significant changes that would shift more of the state tax burden to businesses, lessen sales taxes and raise hundreds of millions for next year’s budget.
The tax package unveiled Wednesday would replace $1.3 million in temporary taxes set to expire in mid-2018, while also raising another $400 million for next year’s budget, according to estimates provided by the governor’s office.
Edwards says the effort is aimed at stabilizing state finances, ending continued cycles of deficits and raising new money for state priorities.
The tax package release came fewer than two weeks before lawmakers open their legislative session April 10.
The centerpiece of the package is a new tax on gross receipts, called a Commercial Activity Tax, estimated to raise up to $900 million a year from businesses.
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