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Special legislative session for tax reform starts Wednesday

1 week 2 hours 15 minutes ago Wednesday, November 06 2024 Nov 6, 2024 November 06, 2024 10:34 PM November 06, 2024 in News
Source: WBRZ

BATON ROUGE — A special legislative session started Wednesday to discuss changes to the state tax system.

The special session will be "focused on rebuilding our outdated tax system and growing our economy" and will extend through Nov. 25, Gov. Jeff Landry announced Oct. 28. The session started Wednesday at 3:30 p.m.

"As we gather together, let us acknowledge that the people of this nation last night, sent a resounding crystal clear message that 'Now is the time to fix our economy,'” Landry said in opening remarks on the first day of the session.

Landry pointed out that the tax code has not seen significant changes since 1974.

"This tax code is bloated. This tax code is broken. This tax code is incredibly out-of-date," Landry said. "This tax code is holding back our state."

Landry's office said it hopes the session will amend tax law at the state and local levels and pass legislation regarding corporate franchise and income taxes, as well as passing legislation that will increase the standard deduction amount applied against income tax for those above age 65. 

Landry's executive order calling the session also calls for laws exploring the leasing of state lands, as well as calling for a statewide election for state amendments regarding the state's tax system and economy.

The session will also seek to "give relief to our families who are struggling" and that "the small businesses that are the bedrock of this state have struggled for far too long," Landry added.

Landry said the state's revised tax plan should follow one passed in North Carolina. The governor said that after tax reform less than ten years ago, North Carolina's median family income rose $11,000 a year. 

The state legislature previously opted against a special tax session with leaders worried these issues were too complex to be addressed at the time.

For more information about the special session, click here.

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