Bill may give some oil and gas companies a break

By Jack Richards

BATON ROUGE — The House voted 60-38 to change the way multi-state corporations have to calculate their corporate income tax. The bill was amended by a 71-21 vote to give the biggest oil companies in the state a different method than other companies.

Rep. Gene Reynolds, D-Minden, gave a “layman’s explanation” of the corporate income tax apportionment, due to its complex nature, by explaining it was a method by which companies that do business in multiple states determine how much in taxes is owed to the Louisiana Department of Revenue.

Read the story in The Shreveport Times